CoreLogic Announces the Sale of Its Collateral Solutions and Field Services Units to Mortgage Contracting Services, LLC
Email Dan Smith
September 30, 2014, Irvine, Calif. –
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and data-enabled services provider, today announced the completion of the sale of its Collateral Solutions and Field Services business units to Mortgage Contracting Services, LLC (MCS). The Collateral Solutions and Field Services units had previously been held for sale as part of the Company’s restructuring of its Asset Management and Processing Solutions (AMPS) segment.
Total consideration for the sale of Collateral Solutions and Field Services includes $25 million due at closing and an additional contingent amount of up to $20 million based on the achievement of certain performance thresholds during the year following the closing of the transaction.
“We are very pleased that MCS has acquired CoreLogic’s Collateral Solutions and Field Services business units,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “These businesses are leaders in their respective fields and we look forward to their continued growth under MCS – which is a highly respected nation-wide provider of property preservation, inspections and REO property maintenance to the financial services industry.”
The remaining units constituting the AMPS segment, which include Technology Solutions, Solutions Express and Outsourcing Services, will be integrated into the Company’s Technology and Processing Solutions (TPS) segment as ongoing operations effective as of September 30, 2014. The Company will provide re-casted historical financial results beginning with the release of its third quarter 2014 financial results. For the six months ended June 30, 2014, these businesses collectively generated revenues and adjusted EBITDA of approximately $34 million and $6 million, respectively.
“The sale of Collateral Solutions and Field Services to MCS and the consolidation of the residual AMPS units into TPS mark the completion of an important milestone in CoreLogic’s strategic business transformation. We are now well-positioned to accelerate our growth around a set of core businesses which are uniquely positioned to capitalize on our competitive strengths in data and analytics, payment processing and data-enabled services,” added Frank Martell, chief operating officer of CoreLogic.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The Company's combined data from public, contributory and proprietary sources includes over 3.5 billion records spanning more than 40 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.