Data and analytics firm CoreLogic said it has agreed to acquire Mercury Network from Serent Capital.
With the agreement, CoreLogic has acquired a 45 percent passive minority stake in Mercury Network, with the remainder of the purchase expected to close in 2017, subject to customary closing conditions and regulatory clearance.
Financial terms of the acquisition were not disclosed.
Mercury Network, a technology company headquartered in Oklahoma City, provides the software used by more than 800 small and midsize mortgage lenders and appraisal management companies (AMCs) to manage their collateral valuation operations.
The acquisition will broaden the reach of CoreLogic’s valuation technology products and services and improve its value proposition and go-to-market strategy, said Frank Martell, CoreLogic president and CEO, in prepared remarks.
CoreLogic said it plans to continue offering Mercury Network’s technology platforms and related services to emerging lenders and AMCs while focusing its FNC technology offering on larger lenders.