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CoreLogic Surges on $661 Million Real Estate Data Deal

NEW YORK (TheDeal) - CoreLogic (CLGX) surged Monday as the real estate data company said it would acquire three units of private equity-backed Decision Insight Information Group in a $661 million deal designed to boost the buyer's products for the property and casualty insurance industries.

Irvine, Calif.-based CoreLogic said it would acquire Marshall & Swift/Boeckh, DataQuick Information Systems and DataQuick Lender Solutions from Decision Insight. MSB is a provider of building cost and property valuation data, while DataQuick provides property data to the mortgage and insurance industry and flood services information. The units use proprietary data and algorithms to help clients estimate replacement and repair costs.

CoreLogic executives said that the deal would expand the company's insurance footprint and add to its portfolio of analytic tools.

"The combination of MSB and our existing geospatial 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," CEO Anand Nallathambi said in a statement.

Nallathambi said that the combination "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 earlier this year said it had acquired CDS Business Mapping LLC, a maker of mapping software for underwriters, for $78 million. In April, it added the Case-Shiller home price index for $6 million.

Milwaukee-based Decision Insight is a portfolio company of TPG Capital, which in 2010 spent C$850 million ($807.9 million) to acquire the property information assets of MacDonald, Dettwiler and Associates Ltd.

Evercore Partners Inc.'s Saul Goodman, Jason Sobol, Jay Mirostaw, Justin Hirsch and Anisha Atluri acted as financial advisers to CoreLogic, with O'Melveny & Myers LLP serving as the company's legal adviser. Decision Insight was represented by Bank of America Merrill Lync h and Ropes & Gray LLP.

Written by Lou Whiteman in New York

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