CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, announced that the Company has entered into a definitive agreement to purchase valuation technology and appraisal management platform provider Mercury Network from Serent Capital.
Concurrently with entry into the purchase agreement, the company has acquired a 45 percent passive minority stake in Mercury Network. The purchase of the remaining portion of Mercury Network is expected to close in 2017 and is subject to customary closing conditions including regulatory clearance. The acquisition of Mercury Network is expected to be accretive to adjusted EPS and provide organic growth synergies to the Company on a go forward basis.
Mercury Network is a technology company headquartered in Oklahoma City, providing the software used by more than 800 small and medium-sized mortgage lenders and appraisal management companies (AMC’s) to manage their collateral valuation operations.
CoreLogic intends to continue to offer Mercury Network’s technology platforms and related services to emerging lenders and AMCs while focusing its FNC technology offering on larger lenders. Mercury Network will continue to be headquartered in Oklahoma City, Oklahoma.
About Mercury Network
Mercury Network serves more than 800 lenders and AMCs with six core valuation technology solutions, including two leading appraisal management platforms, as well as add-on modules for commercial appraisal, appraisal quality control, alternative valuations, and additional closing services such as flood certificates and income verification. For more information about the company, visit MercuryVMP.com.
Source: CoreLogic Press Release