Tag Archives: xceligent

Xceligent Shuts Down Operations, Files for Ch. 7 Liquidation

London-based Owner Pulls Plug After New Management Team Finishes Strategic Evaluation of Company

The board of realty details company Xceligent today announced it decided to liquify the business and apply for Ch. 7 liquidation under the U.S. Bankruptcy Code.

The choice to shut down comes less than a month after Xceligent’s owner, London-based Daily Mail and General Trust plc (DMGT), revealed it had written off its financial investment in the business and recorded a disability charge of US$ 56.54 million as part of its full-year outcomes.

At the time, DMGT set up a brand-new management team at Xceligent and directed it to carry out a strategic evaluation of its U.S. real estate info services company. Today, DMGT announced that the tactical evaluation had been finished and the board made its choice to liquidate.

Prior to the decision to write-off DMGT’s investment in business, Xceligent had actually invested greatly to expand into the big New york city City market, but DMGT authorities acknowledged during its latest quarterly financier presentation last month that the effort had disappointed expectations.

DMGT got Xceligent in 2012 and backed the firm’s planned nationwide expansion. Inning accordance with a released report, DMGT invested more than ₤ 100 million in the service in a quote to compete with its U.S.-based rival, CoStar Group. (CoStar Group is the publisher of CoStar News.)

Previously this year, CoStar claimed it uncovered extensive proof of illegal copying of its exclusive details by Xceligent-directed professionals and filed suit. Xceligent counter-sued and the two firms have considering that participated in a protracted legal conflict.

Earlier this week, The Wall Street Journal reported that a proposed settlement contract collapsed after the two companies failed to pertain to terms relating to actions CoStar requested to secure its information from being stolen in the future, consisting of deleting certain material in Xceligent’s database, the Journal reported.

Editor’s Note: More updates will be contributed to this breaking news report as details becomes available.

Xceligent Owner Announces Full Writedown in Value of Home Info Business

London-based Daily Mail and General Trust plc (DMGT), owner of U.S. CRE information supplier Xceligent, reported today a quarterly loss of US$ 150 million primarily due to its choice to write-off the amount of its investment in Xceligent.

In announcing the business’s 3rd quarter outcomes, Tim Collier, DMGT’s international chief financial officer and executive director, said that ongoing losses at Xceligent and SiteCompli, 2 of 5 elements of DMGT’s U.S. home info organisation, had hurt the division’s general profitability.

“The frustration in U.S. residential or commercial property has actually been two of our early-stage organisations, Xceligent and SiteCompli, where development was not as strong as we had expected,” Collier said. Xceligent is a “loss making business” as it has attempted to expand its information protection throughout the United States, he added.

“We have literally been collecting information one city at a time – an extremely labor-intensive process,” Collier said. “Basically, our technique was to produce earnings in each regional market with a view to producing significant income when Xceligent had adequate national coverage.”

Xceligent’s huge push this year enjoyed New York City, “where rather openly earnings were frustrating,” Collier stated. “Which recommends a longer and more challenging path to success.”

“Provided the timeline and degree of uncertainty regarding Xceligent’s ability to end up being cash generative in the future, I felt it was suitable to fully hinder the business,” Collier stated.

DMGT recorded a disability charge of US$ 56.54 million on the writedown.

Collier said Xceligent’s brand-new management team will carry out a strategic evaluation of business taking a look at all options that “will attend to and include the current operations.”

Similarly, DMGT’s SiteCompli’s organized growth into the nationwide retail market has actually proven more challenging than the company formerly anticipated and DMGT took a problems charge of US$ 32.1 million on that organisation too.

SiteCompli is a New York-based tech business that supplies software to track home compliance codes and regulations.

DMGT remains in the procedure of offering a 3rd component of its U.S. property info business called EDR, a realty ecological details business.

DMGT stated it plans to move its future focus to its other two U.S. home companies, Trepp, which supplies CRE securitization and banking data and analysis, and BuildFax, which provides residential or commercial property condition data for the insurance industry, expert and inspectors.

Xceligent is a direct competitor of CoStar Group (the publisher of CoStar News.) The two firms have actually been engaged in a lengthy legal disagreement.

Xceligent Professional Admits to Taking CoStar Data, Judge Issues Injunction, Orders Firm to Pay Damages

RE BackOffice Verifies Xceligent Directed it to Hack CoStar’s Websites and Steal Material as Part of Widespread Plan to Unlawfully Get Data and Photos

A U.S. federal judge has ruled in CoStar’s favor in its ongoing legal battle with Xceligent after one of Xceligent’s primary research study suppliers, Pennsylvania-based RE BackOffice Inc., admitted to repeatedly hacking CoStar’s websites in order to unlawfully download residential or commercial property information and pictures to occupy Xceligent’s rival database.

In the filing last Friday in the U.S. District Court for the Western District of Pennsylvania, RE BackOffice confessed that it was worked with by Xceligent to hack into CoStar’s sites and copy its content on exactly what CoStar alleged was a commercial scale.

District Court Judge Arthur Schwab ruled in CoStar’s favor today, ordering RE BackOffice to turn over all its make money from the scheme to CoStar and released an injunction against the professional.

As initially reported by the Washington Organisation Journal on Friday, the research study specialist stated in its filing that Xceligent directed it to repeatedly copy material from CoStar’s sites and add it to Xceligent’s system for its competitive service.

Inning accordance with the filing, Xceligent CEO Douglas Curry allegedly checked out the India center to train the operations group.

On the other hand another news outlet reported that RE BackOffice and its India-based affiliate, MaxVal Technologies, have actually contracted with Xceligent since 2012 as part of the prevalent plan to copy CoStar content. Inning accordance with Bisnow News, RE BackOffice confessed in the court filing that Xceligent’s management directed the specialist to hack into CoStar’s system and copy information and pictures, calling Xceligent CEO Douglas Curry and primary research officer Nathan Lipowicz as being straight involved in the scheme.

In the filing, RE BackOffice states, “At Xceligent’s instructions, the REBO/MaxVal operations group utilized steps to prevent CoStar’s security procedures and thereby hack into CoStar’s sites in order to occupy the Xceligent database with content copied from CoStar.”

The court filing followed CoStar subpoenaed RE BackOffice last summertime after submitting fit against Xceligent in Missouri where Xceligent is based.

The admission of wrongdoing by Xceligent’s representative and the judge’s judgment today were hailed as a major break in the case by CoStar, which claims Xceligent took and resold its material for numerous years.

“The truths confessed by Xceligent’s agent, and the court-ordered injunction against them, speak for themselves,” a CoStar representative stated.