CoreLogic Acquires CDS Business Mapping, LLC
CoreLogic, a leading residential property information, analytics and services provider, today announced the acquisition of CDS Business Mapping, LLC (CDS). CDS, based in Middletown, Conn., delivers critical underwriting information to over 700 insurance carriers, agents and brokers nationwide through real-time reports that identify property-specific geographic hazards including distance to coast, flood zones, rating territories, proximity to brush, wind pool eligibility and earthquake information. The acquisition is expected to further enhance CoreLogic's position as a leading supplier of geo-spatial property data and analytics to the property & casualty insurance (P&C), real estate, telecommunications, public utility, oil and gas industries as well as government agencies.
"The use of CoreLogic Spatial Solutions data and analytics has been expanding rapidly over the past several years in response to a growing demand by our clients for real-time geocoded property and hazard-related data, analytics and risk management services," said President and Chief Executive Officer Anand Nallathambi. "The acquisition of CDS complements and expands our existing natural hazard risk management offerings and extends our client relationships deeper into the P&C vertical."
"CDS is an established market leader with a scalable, subscription-based software as a service, or SaaS, business model. CDS's RiskMeter Online distribution platform and extensive client roster allows CoreLogic to efficiently scale up its existing spatial business and supports our goal of growing our Data and Analytics segment footprint," added Chief Financial Officer Frank Martell.
CDS will be integrated into the existing CoreLogic Spatial Solutions business and combined financial results will be reported within the Company's Data and Analytics segment. The transaction closed on December 14, 2012 and the purchase consideration was $78 million. CoreLogic used cash on hand to fund the purchase. The transaction is expected to be accretive to the Company's 2013 earnings per share.