Xceligent’s founders Doug and Erin Curry are trying to launch a new commercial property data business a month after the company abruptly declared for Chapter 7 liquidation.
The couple plans to launch the new company, called Intrepid CRE, in more than 30 markets in the coming weeks, Doug wrote in an email to potential customers that was shared with The Real Deal.
The Currys, who founded Xceligent in the late 1990s, were ousted in October as the company was trying to expand into New York City while fighting a costly legal battle against CoStar. In December, Xceligent abruptly filed for liquidation. Its British parent, Daily Mail and General Trust, had previously wrote its carrying value down to zero, citing persistent losses.
A source close to Intrepid said that the company is using no code or data from Xceligent, rebuilding its database from scratch. The company will also use software that tracks any image or document back to brokers that shared it, leaving a data trail meant to prevent another copyright infringement lawsuit.
In a Facebook post shared with TRD, Erin wrote that they are launching the business without an investor. “We are rebuilding from the ground up with a system that cannot be challenged by CoStar,” she wrote.
In December, CoStar filed a copyright infringement lawsuit against Xceligent, alleging that the rival stole its images. The Washington, D.C.-based firm indicated in court filings that it might go after other DMGT entities in the wake of Xceligent’s liquidation.
“It is evident that the need for an affordable and competitive alternative to CoStar is critical to the long-term stability and success of the CRE industry,” Doug wrote in the email. “Those of you that know me and the vision that I had for Xceligent, know that our work is not done, and I intend to deliver on the promise I made to the industry nearly 20 years ago when I began this journey.’