CoreLogic Acquires Dorado Network Systems Corporation
Email Dan Smith
March 15, 2011, Santa Ana, Calif. –
—Open technology platforms enable loan processing workflow and integrated mortgage finance transaction management for analytical decision making—
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, announced today that it completed its acquisition of Dorado Network Systems Corporation in a $32 million dollar all-cash transaction. Dorado is a recognized leader in collaborative cloud computing applications and architecture to the financial services industry. CoreLogic previously held a 38 percent equity interest in Dorado.
With the acquisition, CoreLogic gains patented cloud computing-based technology that extends and accelerates the embedding of CoreLogic decision management applications into client operating environments, making transaction decisions faster, more automated, and more accurate. CoreLogic anticipates expanding these services to enhance its 360-degree approach to delivering improved loan quality and transaction transparency from point of sale through investor delivery to the secondary market. Additionally, CoreLogic will deploy Dorado technology into its strategic outsourcing business.
Dorado, which will operate as CoreLogic Dorado, provides a comprehensive suite of enterprise lending solutions that automates loan origination and consolidates internal and external service integrations into a unified process, connecting lenders, their partners and consumers through a collaborative, real-time workflow. Dorado technology not only automates data handling, but also facilitates the integration of real-time borrower, organizational and market information into mortgage finance transactions so that lenders, servicers, investors, and borrowers experience improved loan quality and transaction transparency.
According to CoreLogic President and CEO Anand Nallathambi, this acquisition contributes to the company’s growth strategy to enhance shareholder value. “The mortgage industry is entering an era that demands a new watermark in efficiency and transparency across all aspects of financial transactions. The existing capabilities that Dorado brings to the table, as well as the potential opportunities that exist to expand these capabilities, make this a growth enabler for us. This acquisition extends our leadership position in helping clients anticipate, adapt and respond to their market environment. The Dorado platform will help shape our next generation decision management applications into solutions that ensure integrity and quality throughout the entire lifespan of a loan. It also enables CoreLogic to customize and embed solutions directly within the lender operating environment, providing increased ROI to our clients,” said Nallathambi.
Dorado Co-founder and CEO Dain Ehring said that becoming part of CoreLogic lends greater breadth and depth of resources to Dorado’s operations in line with the growing needs of our clients. “Dorado will offer clients a blended portfolio of cloud-based lending solutions complemented by an enhanced array of data and analytics. At a time when financial institutions worldwide are increasingly adopting sophisticated analytics as a way to increase the effectiveness, agility and flexibility of their operations, this transaction strengthens our growth trajectory,” he said.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the anticipated expansion of the capabilities of the acquired services and the overall impact of the acquisition of Dorado on the company’s growth strategy. These forward-looking statements may contain the words “intend,” “anticipate,” “expect,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result” or other similar words and phrases. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include difficult conditions in the mortgage and consumer credit industry and conditions in the economy generally and other risks set forth in our Current Report on Form 8-K filed June 1, 2010 and our most recent Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q. The forward-looking statements speak only as of the date they are made. Except as required by law, CoreLogic does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly, the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
About Dorado Network Systems Corporation
Dorado provides collaborative cloud computing applications and architecture to leading mortgage lenders in the U.S. The company offers fully automated on-demand solutions for managing and tracking complex service integrations and data-intensive transactions. The company’s marquee ChannelMaster(TM) mortgage loan origination system (LOS) enables financial institutions to run and centrally monitor the consumer lending process from lead generation through post-close. Along with the benefits of software-as-a-service applications—increased functionality and dependability with minimal capital costs, flexible configurations, rapid deployment and more agile performance—Dorado’s customers also gain competitive advantage via the company’s unique collaborative workflow process. This patented technology allows multiple people to work on multiple loan files simultaneously while providing lenders with built-in, frequently updated mechanisms for managing compliance.
CoreLogic is a registered trademark of CoreLogic.