“Symbility expands our footprint in property and casualty insurance domestically and in key markets around the globe. Further scaling our insurance and international footprint offers the potential for significant non-cyclical growth in line with our long-term goal of sourcing at least 50% of our revenues from non-U.S. mortgage,” CoreLogic President and CEO Frank Martell said in a statement.
Martell added that the merging of the two companies should help to create significant future growth opportunities as it will enable CoreLogic to introduce a variety of new products, services and workflow tools that draw on “gold-standard” data assets.
The acquisition is not a huge surprise given that CoreLogic already owned a 28 percent stake in Symbility. The deal means it will acquire the rest of Symbility’s shares, and should concluded before the end of this year, pending approval from company shareholders.
CoreLogic said it intends to buy up all outstanding stocks for $0.165 in cash.
“Symbility has a great leadership team, innovative and leading-edge solutions, and we believe the combination of CoreLogic and Symbility is compelling for all stakeholders,” Martell said.
“The combination of Symbility and our existing underwriting and geo-spatial data and analytics capabilities as well as our property-related data assets will allow CoreLogic to provide our clients in the insurance industry with new and unique insights into underwriting property and natural hazard risk coverage while accurately and efficiently processing claims.”