CoreLogic

From Wikipedia, the free encyclopedia
CoreLogic, Inc.
TypePrivate
IndustryFinancial services
FoundedCalifornia, USA (2010)
Headquarters
Key people
Patrick Dodd, President and CEO
ProductsFinancial, property and consumer information, analytics and business intelligence
Revenue
  • Decrease US$1.762 billion (2019)[1]
  • Decrease US$1.788 billion (2018)[1]
  • Decrease US$165.54 million (2019)[1]
  • Decrease US$222.62 million (2018)[1]
  • Decrease US$49.38 million (2019)[1]
  • Decrease US$121.86 million (2018)[1]
Total assets
  • Decrease US$4.159 billion (2019)[1]
  • Increase US$4.169 billion (2018)[1]
Total equity
  • Decrease US$0.951 billion (2019)[1]
  • Decrease US$1.000 billion (2018)[1]
Owner
Number of employees
5,100 (2019)[1]
Websitecorelogic.com

CoreLogic, Inc. is an Irvine, CA-based corporation providing financial, property, and consumer information, analytics, and business intelligence. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks current and historical trends in a number of categories, including consumer credit, capital markets, real estate, fraud, regulatory compliance, natural hazards, and disaster projections.[2][3][4][5][6] The company reported full 2020 revenue of $1.6 billion.[7] As of 2021, CoreLogic is a Fortune 1000 company.[8]

History[edit]

CoreLogic dates back to September 1991, when TRW Real Estate Information Services entered into a partnership with three real estate information service units from Elsevier, the Dutch Publishing company now known as Reed Elsevier.[9]

In September 1996, the group, then known as TRW Information Systems & Services, split away from their parent company and was renamed Experian.[10]

In September 1997, majority ownership of Experian's real estate information business was acquired by The First American Corporation, in a partnership with Experian.[11] The partnership was called FARES LLC, and the new entity began operating under the name First American Real Estate Solutions (RES).[12]

Also in 1997, Kraig Clark and Steve Schroeder co-founded C&S Marketing in Sacramento, CA.[13] Created to provide fraud prevention and collateral risk management solutions to the mortgage banking industry, the company was later renamed as CoreLogic Systems.

In October 2003, First American RES acquired Transamerica's property information business, combining their real estate information and analytics businesses.[14]

In March 2007, First American Corporation merged its First American RES subsidiary with CoreLogic Systems, under the FARES LLC subsidiary.[15] The division began operating under the name First American CoreLogic.[16]

In June 2010, CoreLogic, Inc. was established as a standalone business when The First American Corporation split its businesses to create two separate legal entities, CoreLogic, Inc and First American Corporation which provides title and financial services.[17]

In January 2011, the company acquired Australia-RP Data, a provider of residential and commercial property information in Australia and New Zealand, for $194 million.[18]

In March 2011, CoreLogic acquired Dorado Network Systems Corp, a San Mateo-CA based cloud application and architecture development company servicing the financial services industry.[19]

In July 2011, the company sold its CoreLogic India operations to Cognizant, for $50 million. As part of the transaction, the companies also announced five year, $324 million services agreement.[20]

In January 2013 CoreLogic bought Middletown, CT-based CDS Business mapping, a provider of geospatial hazard reports including distance to coast, flood zones, rating territories, proximity to brush, wind pool eligibility and earthquake information. CoreLogic reported it would integrate the business into its existing Spatial Solutions business.[21]

In April 2013, CoreLogic bought Case-Schiller, the producers of the Case-Shiller home price index, known as one of the most important measures of the health of the housing market.[22]

In December 2013, CoreLogic acquired catastrophic modeling firm Eqecat from Texas-based ABS Group.[23]

In March 2014, CoreLogic acquired Marshall & Swift/Boeckh, a Milwaukee, WI-based provider of building cost information, residential and commercial analytics and business management services, San Diego, CA-based DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lending Solutions. The three acquired units were part of TPG Capital's Decision Insight Information Group.[24]

In June 2014, CoreLogic expanded its hail, wind and lightning weather risk-management capabilities by acquiring Weather Fusion,[25] formerly known as livehailmap.com.[26]

In August 2015, the company purchased LandSafe Appraisal Services, an appraisal management company, from Bank of America for $122 million.[27]

In October 2015, CoreLogic acquired Australian construction data business Cordell from Europe media group RELX, formerly known as Reed Elsevier.[28]

In December 2015, the company acquired FNC, Inc., another provider of real estate appraisal services, for $475 million.[27]

In January 2016, CoreLogic announced it was paying $65M to acquire total ownership of RELS, LLC, a provider of property valuation and appraisal services it owned in partnership with Wells Fargo.[27]

In March 2017, its CEO Nallathambi died shortly after taking medical leave from the company.[29] Shortly thereafter, the company announced Frank Martell as its new President and CEO.[30]

In April 2018, CoreLogic acquired "a la mode technologies, LLC", a real estate appraisal software company, for $120 million.

In May 2018, CoreLogic launched a non-weather-related fire and water risk solution.[31]

In December 2018 CoreLogic purchased Symbility Solutions, Inc., a vendor of claims processing and estimating software based in Calgary, Alberta, Canada.[32]

In June 2020, Cannae Holdings and Senator Investment Group launched a hostile takeover of CoreLogic. In response to CoreLogic raising quarterly guidance five days before the end of Q2 and following up on "nine months performing extensive 'outside-in' due diligence", Cannae Holdings and Senaro Investment Group submitted their proposal to acquire CoreLogic. CoreLogic replied on June 26 that, despite not having previous knowledge of the offer, they will "carefully review the proposal" and "determine the course of action it believes is in the best interests of the Company and its shareholders" and insisting that "shareholders need take no action at this time".[33] Cannae and Senator Investment secured financing with Bank of America and announced in a regulatory filling, on June 30, they own enough of CoreLogic to call for a special meeting.[34]

In June 2021, the company was acquired by Stone Point Capital and Insight Partners.

In September 2021, CoreLogic acquired Next Gear Solutions, LLC.[35]

See also[edit]

References[edit]

  1. ^ a b c d e f g h i j k "Corelogic, Inc. (CLGX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019". United States Securities and Exchange Commission. 2020-02-27. Retrieved 2020-07-02.
  2. ^ "CoreLogic Natural Hazard Risk Summary Covers 2014 Disasters". geospatial-solutions.com. 2015-01-02. Retrieved 2015-05-07.
  3. ^ "A Credit Score That Tracks You More Closely". NYTimes.com. 2011-12-02. Retrieved 2015-05-07.
  4. ^ "Mortgage Fraud Risk Increases 3.2%: CoreLogic". nationalmortgagenews.com. 2014-10-29. Retrieved 2015-05-07.
  5. ^ "Analytics service launches wind verification technology". ibamag.com. 2015-04-13. Retrieved 2015-05-07.
  6. ^ "Foreclosures Are Way Down From 2014—but Still Double Prerecession Rates". realtor.com. 2015-04-14. Retrieved 2015-05-07.
  7. ^ "CoreLogic® - Property Data Leader & Property Solutions" (PDF).
  8. ^ "CoreLogic | 2021 Fortune 500". Fortune. Retrieved 2021-08-06.
  9. ^ "TRW, Elsevier Merge Real Estate Information Operations : Information: Joint venture will be headquartered in Riverside. Companies cite high costs of developing new business". Los Angeles Times. 1991-09-04. Retrieved 2015-04-09.
  10. ^ "Leading the Way at a Company Called Experian". Los Angeles Times. 1996-09-22. Retrieved 2015-03-28.
  11. ^ "First American and Experian in Venture". Los Angeles Times. 1997-09-11. Retrieved 2015-05-09.
  12. ^ "First American RES, CoreLogic in merger". inman.com. 2007-02-05. Retrieved 2015-05-09.
  13. ^ "CoreLogic vets' new firm, Auqeo, provides sales support for tech startups". bizjournals.com. 2013-10-18. Retrieved 2015-05-09.
  14. ^ "First American buys Transamerica units for $375M". bizjournals.com. 2003-10-02. Retrieved 2015-05-09.
  15. ^ "First American RES Merges with CoreLogic". 2007-03-01.[dead link]
  16. ^ "Title company First American to spin off CoreLogic in June". bizjournals.com. 2010-05-20. Retrieved 2015-05-09.
  17. ^ "First American Completes CoreLogic Spin-Off". housingwire.com. 2010-06-01. Retrieved 2015-05-09.
  18. ^ "CoreLogic snaps up property information provider RP Data for $194m". theaustralian.com.au. 2011-01-12. Retrieved 2016-09-28.
  19. ^ "CoreLogic buys Dorado for $32M". bizjournals.com. 2011-05-15. Retrieved 2015-05-09.
  20. ^ "Cognizant acquires CoreLogic's India services operations". infoworld.com. 2011-07-26. Retrieved 2016-09-28.
  21. ^ "CoreLogic Buys CDS Business Mapping in Connecticut". insurancejournal.com. 2013-01-23. Retrieved 2015-05-13.
  22. ^ "Housing Data Dance: CoreLogic Buys Case-Shiller". WSJ.com. 2013-04-26. Retrieved 2015-05-22.
  23. ^ "CoreLogic Acquires Catastrophe Modeling Firm Eqecat". insurancejournal.com. 2013-12-29. Retrieved 2015-05-13.
  24. ^ "CoreLogic in California Acquires Marshall & Swift/Boeckh and DataQuick". insurancejournal.com. 2013-12-29. Retrieved 2015-05-13.
  25. ^ "CoreLogic Expands Insurance Offerings with Hail, Wind and Lightning Weather Forensics". geospatial-solutions.com. 2014-06-05. Retrieved 2015-05-13.
  26. ^ "LiveHailMap.com is Now Weather Fusion". claimsjournal.com. 2013-02-07. Retrieved 2015-05-13.
  27. ^ a b c "CoreLogic buys rest of RELS from Wells Fargo". housingwire.com. 2016-01-05. Retrieved 2016-07-18.
  28. ^ "RELX agrees to sell Australian construction data unit-source". reuters.com. 2015-10-05. Retrieved 2016-09-28.
  29. ^ "CoreLogic CEO Nallathambi, on medical leave, has died". ocregister.com. 2017-03-03. Retrieved 2017-03-10.
  30. ^ "CoreLogic Names Martell CEO". ocbj.com. 2017-03-06. Retrieved 2017-03-10.
  31. ^ Ojha, Radhika (25 May 2018). "CoreLogic Launches First Non-Weather-Related Risk Solution - DSNews". dsnews.com. Retrieved 2018-06-20.
  32. ^ Meckbach, Greg (December 19, 2018). "Calgary claims vendor now owned by CoreLogic". Canadian Underwriter. Retrieved December 2, 2020.
  33. ^ "CoreLogic Confirms Receipt of Unsolicited Acquisition Proposal from Cannae Holdings and Senator Investment Group". picante.today. Retrieved 2020-07-01.
  34. ^ "Cannae, Senator can call special meeting at CoreLogic, financing set". Yahoo Finance. Retrieved 2020-07-01.
  35. ^ Adriano, Lyle (16 September 2021). "CoreLogic closes acquisition of digital workflow platform provider Next Gear Solutions". Insurance Business America. Retrieved 15 December 2022.

External links[edit]