CoreLogic Completes Acquisition of Mercury Network, LLC
Valuation Solutions Software Platform and Content-Related Revenues Expanded
Irvine, Calif., August 10, 2017—CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that the company has completed the 100 percent acquisition of Mercury Network, LLC from Serent Capital. In June the company purchased a 45 percent minority stake in Mercury Network.
Mercury Network is a valuation technology and appraisal management platform company, providing the software used by more than 800 emerging and medium-sized mortgage lenders and appraisal management companies (AMCs) to manage their collateral valuation operations.
“We are very excited to bring the Mercury Network team into the CoreLogic family. The acquisition of Mercury Network is a significant step in advancing our valuation solutions capabilities,” said Frank Martell, CoreLogic president and CEO. “It complements our leading FNC platform which today serves over 100 major lenders. Together, Mercury and FNC valuation platforms allow CoreLogic to provide unmatched content, analytics and workflow solutions to over 900 lenders and appraisal management companies and 80,000 appraisal, title and property inspection professionals. Our valuation platform business is now a scaled, high-growth and high-margin business and a foundational element of our strategy to transform the valuations space in the U.S.”
CoreLogic intends to continue to offer Mercury Network’s technology platforms and related services to emerging lenders and AMCs while also bringing the company’s market-leading data and analytics capabilities to Mercury’s existing customers.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC and the CoreLogic are trademarks of CoreLogic, Inc. and/or its subsidiaries.
Safe Harbor/Forward-Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to statements that (i) the Mercury Network acquisition will advance the Company’s valuation solutions capabilities; and (ii) the Company intends to continue to offer the Mercury platform to smaller and medium-sized lenders and AMCs while offering the FNC platform to larger institutions. Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include the risks and uncertainties set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K, as amended or updated by our Quarterly Reports on Form 10-Q. These additional risks and uncertainties include but are not limited to: limitations on access to or increase in prices for data from external sources, including government and public record sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data; compromises in the security of our data, including the transmission of confidential information or systems interruptions; difficulties in obtaining regulatory approvals and satisfying other closing conditions to the transaction; difficult conditions in the mortgage and consumer lending industries and the economy generally; our ability to protect proprietary rights; our cost reduction program, technology and growth strategies and our ability to effectively and efficiently implement them; risks related to the outsourcing of services and international operations; our indebtedness and the restrictions in our various debt agreements; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; the inability to control the operations or dividend policies of our partially-owned affiliates; and impairments in our goodwill or other intangible assets. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.