|By PR Newswire||
|January 18, 2013 08:00 AM EST||
IRVINE, Calif., Jan. 18, 2013 /PRNewswire/ -- CoreLogic® (NYSE:CLGX), a leading residential property information, analytics and services provider, today announced the acquisition of CDS Business Mapping, LLC (CDS). CDS, based in Middletown, Conn., delivers critical underwriting information to over 700 insurance carriers, agents and brokers nationwide through real-time reports that identify property-specific geographic hazards including distance to coast, flood zones, rating territories, proximity to brush, wind pool eligibility and earthquake information. The acquisition is expected to further enhance CoreLogic's position as a leading supplier of geo-spatial property data and analytics to the property & casualty insurance (P&C), real estate, telecommunications, public utility, oil and gas industries as well as government agencies.
"The use of CoreLogic Spatial Solutions data and analytics has been expanding rapidly over the past several years in response to a growing demand by our clients for real-time geocoded property and hazard-related data, analytics and risk management services," said President and Chief Executive Officer Anand Nallathambi. "The acquisition of CDS complements and expands our existing natural hazard risk management offerings and extends our client relationships deeper into the P&C vertical."
"CDS is an established market leader with a scalable, subscription-based software as a service, or SaaS, business model. CDS's RiskMeter Online™ distribution platform and extensive client roster allows CoreLogic to efficiently scale up its existing spatial business and supports our goal of growing our Data and Analytics segment footprint," added Chief Financial Officer Frank Martell.
CDS will be integrated into the existing CoreLogic Spatial Solutions business and combined financial results will be reported within the Company's Data and Analytics segment. The transaction closed on December 14, 2012 and the purchase consideration was $78 million. CoreLogic used cash on hand to fund the purchase. The transaction is expected to be accretive to the Company's 2013 earnings per share.
About CDS Business Mapping, LLC
CDS Business Mapping, LLC. ("CDS"), was founded in 1994 as a digital mapping sales and consulting company. The Company is dedicated to the creation and implementation of mapping solutions using Geographic Information Systems (GIS) technology. The Company is a leader in providing geographic underwriting information for the property & casualty insurance industry. CDS works with more than 700 hundred insurance carriers, MGAs, brokers and agents nationwide. The Company's primary offering is the RiskMeter Online, a real-time underwriting application based upon mapping technology which is used by underwriters and agents to automate property lookups. This Web-based solution enables underwriters to determine the proximity to natural hazards for any property in the Unites States. Offered exclusively as a software as a service (SaaS) offering, this technology is accessible and affordable for companies of all sizes. CDS also offers related services to its customers, such as creating custom maps, geocoding and territory digitization. For more information, visit www.riskmeter.com.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company's combined data from public, contributory, and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
Safe Harbor / Forward Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to the expectations around the acquisition and the financial impact on the Company and the Company's future revenue and earnings growth and future EPS performance. Risk and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements are set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K for the year ended December 31, 2011, as updated by our Quarterly Reports on Form 10-Q, including but not limited to: our ability to integrate acquisitions; limitations on access to data from external sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data which may, among other things, limit the manner in which we conduct business with our customers; compromises in the security of our data transmissions, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer credit industry, including the continued decline in mortgage applications, declines in the level of loans seriously delinquent and continued delays in the default cycle, and conditions in the economy generally; and impairments in our goodwill or other intangible assets. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
CORELOGIC, the CoreLogic logo and RiskMeter Online are trademarks of CoreLogic, Inc. and/or its subsidiaries.
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