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May 21, 2020
CoStar Group announced last week that it would acquire the digital transaction platform Ten-X for $190 million. The cash deal combines two national players in commercial real estate: The publicly traded CoStar sells data and research, while Ten-X has grown from an online marketplace for distressed commercial properties into a hub used by all the nation's big brokerage houses. (The firm was launched in 2009 to help liquidate casualties of the Great Recession.) Ten-X will join LoopNet and many other real estate websites in being part of CoStar Group. Ten-X has room to grow. Its CEO, Steve Jacobs, said, “Today, only 1% of all commercial real estate sales transactions take place online. Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions.”