CoreLogic, a residential property information, analytics and services provider, announced Monday that the company entered into a definitive agreement to acquire Marshall & Swift/Boeckh and DataQuick Information Systems from Decision Insight Information Group.
Marshall & Swift/Boeckh is a provider of residential and commercial property valuation solutions to the property/casualty insurance industry.
DataQuick Information Systems is a property data and analytics information company.
In the deal, priced at $661 million, CoreLogic is also buying the credit and flood services operations of DataQuick Lender Solutions.
Founded in 1930, Marshall & Swift/Boeckh (MSB) provides building cost information, residential and commercial analytics solutions and business management services for property insurers, 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) supplies 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.
Commenting on the deal in a statement, Anand Nallathambi, president and chief executive officer of CoreLogic, said the acquisitions significantly expand CoreLogic’s footprint in P/C insurance and adds scale to its 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,” Nallathambi said.
The transaction is expected to close during the third quarter of 2013 and is subject to customary closing conditions and regulatory clearance.
Source : CoreLogic