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July 1, 2013 /PRNewswire/ -- CoreLogic
® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced the Company has entered into a definitive agreement to acquire Marshall & Swift/Boeckh, a leading provider of residential and commercial property valuation solutions to the property and casualty insurance industry, DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lender Solutions from the Decision Insight Information Group (DIIG).
Founded in 1930, Marshall & Swift/Boeckh (MSB) is the leading provider of building cost information, residential and commercial analytics solutions and business management services for property insurance companies, financial services organizations and the public sector. Using proprietary data, algorithms and platforms that leverage best-in-class replacement and repair cost estimates, analytics and other services, MSB assists insurers in analyzing risk, underwriting property insurance coverage and estimating, managing and analyzing claims.
DataQuick Information Systems (DataQuick) is a supplier of real estate data, analytics and business solutions to mortgage originators and servicers, investors, real estate professionals and the public sector. Employing a database of over 120 million U.S. residential properties, DataQuick provides customized analytical solutions, credit reporting, flood zone determination services, fraud monitoring, property valuation and automated decision software.
"The acquisition of MSB and DataQuick significantly expands our footprint in property and casualty insurance and adds additional scale to our existing property data and analytics business. The combination of MSB and our existing geo-spatial business capabilities and property-related data assets allows CoreLogic to provide our clients in the insurance industry with new and unique insights into underwriting property coverage as well as managing natural hazard risks and claims," said
Anand Nallathambi, President and Chief Executive Officer of CoreLogic. "In addition to the obvious financial benefits and cost synergies, the combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities through the introduction of new products, services and workflow tools which draw from a wide range of gold-standard data assets and analytical capabilities."
CoreLogic Chief Financial Officer
Frank Martell added that, "The acquisition of MSB and DataQuick is consistent with our strategic imperative of growing our D&A segment to over 50% of total CoreLogic revenues. These assets are high-margin; subscription-based business models that generate free cash flow conversion rates above CoreLogic standalone. Our strong cash flow profile provides the financial flexibility to complete this acquisition and, at the same time, significantly increase the return of capital to our shareholders by expanding our 2013 repurchase program from 5 million to at least 8 million shares."
MSB operations and DataQuick's data licensing and analytics units will be reported within the Company's D&A segment. DataQuick's flood zone determination and credit servicing operations will be integrated into CoreLogic's Mortgage Origination Services segment.