CoreLogic and Intellireal Enter Into Patent License Agreement
Email Dan Smith
June 06, 2011, Santa Ana, Calif. –
CoreLogic (NYSE: CLGX), a leading provider of information, analytics, and business services, announced today that the company has entered into a patent license agreement with Intellireal, LLC covering the Automated Valuation Model (AVM) technologies (U.S. Pat. No. 5,361,201). The license agreement was entered into as part of the resolution of the CoreLogic patent infringement lawsuit against Intellireal.
“Our patent is fundamental in the AVM space and we intend to protect it vigorously. We are pleased that Intellireal is licensing our technology,” said Richard Lombardi, vice president Data Solutions & Licensing. “The ability to establish patent license agreements is evidence of the strength of our AVM technology and we expect to continue to expand our patent licensing program.”
In the past year, CoreLogic AVM solutions were used by 17 of the top 20 mortgage lenders in the United States. CoreLogic AVM solutions include patented technology and this technology has facilitated recent innovations, including GeoAVM Distressed (tuned to REO disposition values) and RealAVM (tuned to the needs of Real Estate Professionals). RealAVM is licensed to more than 125,000 Real Estate Brokers and Agents through the CoreLogic Partner InfoNet program.
The patent license agreement with Intellireal is not expected to have a material impact on the overall financial results for CoreLogic.
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 continued expansion of our patent licensing program and our patent protection strategy. These forward-looking statements may contain the words “intend,” “anticipate,” “expect,” “plan,” “estimate,” “will,” 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, but are not limited to adverse economic conditions that could affect the markets and customers we serve, our ability to protect proprietary technology rights and other risks set forth in our most recent Annual Report on Form 10-K for the year ended December 31, 2010, as updated by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. 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 (NYSE: CLGX) 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. 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.
CoreLogic is a registered trademark of CoreLogic.