LOOPNET AND XCELIGENT ENTER STRATEGIC ALLIANCE
Commercial Real Estate Online Marketplace Grows
Boston, MA. 06/04/07 - Xceligent, Inc announced that the company has entered into a strategic alliance with LoopNet, Inc, which operates the largest commercial real estate marketplace online. The strategic alliance expects to make Xceligent subscriber For Sale and For Lease property listings available on the LoopNet marketplace, and will provide enhanced, nationwide property marketing for Xceligent subscribers. LoopNet has also taken a minority equity stake in Xceligent. As part of the investment, LoopNet will have representation on Xceligent’s board.
The companies have entered into an operating agreement, and will seek ways to continue to leverage each other’s strengths as leading information providers to the commercial real estate community.
"We are very excited about our strategic alliance with Xceligent," said Richard Boyle, LoopNet's CEO and President. "LoopNet's open marketplace model has focused on aggregating supply and demand in our marketplace. On the demand side, we announced early this year that we surpassed the two million registered members milestone. With this relationship, we are excited about the potential to increase the supply of listings available to our members."
Doug Curry, CEO of Xceligent, commented: "Our strategic alliance with LoopNet is a vote of confidence in Xceligent and our business model. We are excited about the benefits we'll be able to deliver to our customers because of this alliance. LoopNet's investment in Xceligent and ongoing strategic advice will help Xceligent provide enhanced services in our current markets, and lays the foundation for market expansion across the country."
Xceligent plans to increase development resources for its product offering, as well as its research and customer service teams in preparation for its launch into the top 60 to 70 markets over the next 48 months.
Xceligent, Inc. is a leading provider of commercial real estate information services based in Independence, MO. Leveraging an efficient, research-focused model, Xceligent provides commercial real estate professionals with accurate and timely information on commercial real estate availabilities. Xceligent currently provides information services in 24 major U.S. metropolitan markets.
LoopNet, Inc. is the leading online marketplace for commercial real estate and businesses for sale in the United States. Their online marketplace enables commercial real estate agents, working on behalf of property owners and landlords, to list properties for sale or for lease by submitting detailed property listing information in order to find a buyer or tenant.
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