IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that the Company has entered into a definitive agreement to purchase valuation technology and appraisal management platform provider Mercury Network from Serent Capital. Concurrently with entry into the purchase agreement, the company has acquired a 45 percent passive minority stake in Mercury Network. The purchase of the remaining portion of Mercury Network is expected to close in 2017 and is subject to customary closing conditions including regulatory clearance. The acquisition of Mercury Network is expected to be accretive to adjusted EPS and provide organic growth synergies to the Company on a go forward basis.
Mercury Network is a technology company headquartered in Oklahoma City, providing the software used by more than 800 small and medium-sized mortgage lenders and appraisal management companies (AMC’s) to manage their collateral valuation operations.
“Mercury Network’s platforms complement the CoreLogic appraisal technology platforms and analytics business acquired from FNC in 2016,” said Frank Martell, CoreLogic president and CEO. “They will broaden the reach of CoreLogic’s valuation technology products and services to smaller and medium-sized lenders and AMCs. Through this acquisition, CoreLogic will improve its value proposition and go to market strategy for its broad range of valuation-related data and analytics to this important and growing segment of the industry,”
“We’re very excited to bring the Mercury Network team into the CoreLogic family and their passion and expertise into our valuation solutions offerings,” concluded Martell.
CoreLogic intends to continue to offer Mercury Network’s technology platforms and related services to emerging lenders and AMCs while focusing its FNC technology offering on larger lenders. Mercury Network will continue to be headquartered in Oklahoma City, Oklahoma.
About Mercury Network
Mercury Network serves more than 800 lenders and AMCs with six core valuation technology solutions, including two leading appraisal management platforms, as well as add-on modules for commercial appraisal, appraisal quality control, alternative valuations, and additional closing services such as flood certificates and income verification. For more information about the company, visit MercuryVMP.com.
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 logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
Safe Harbor/Forward-Looking Statements and Definition of Adjusted EPS
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 enhance the Company’s valuation solutions offerings and expand software platform revenues; (ii) the transaction is expected to close during 2017; (iii) the transaction is expected to be accretive to adjusted EPS and provide organic growth synergies, (iv) the transaction will broaden the Company’s reach to provide valuation technology solutions to small and medium-sized lenders and AMCs; and (v) 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.
Adjusted earnings per share is defined as diluted net income from continuing operations per share, adjusted for stock compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments; tax affected at an assumed effective tax rate of 35% for 2017. Other firms may calculate non-GAAP measures differently from CoreLogic, which limits comparability between companies.