California-based residential property information and analytics provider CoreLogic has sold its Collateral Solutions and Field Services business units to property maintenance specialist Mortgage Contracting Services (MCS) for a possible total of $45m.
Field Services offers property inspection and preservation services, while Collateral Solutions offers a range of appraiser and broker-based property valuation. Their sale will allow CoreLogic to focus on its data analytics and data-enabled offering.
The sale was initiated as part of CoreLogic's restructuring of its Asset Management and Processing Solutions (AMPS) division, and total consideration includes $25m due at closing, and an additional amount of up to $20m based on performance over the next year. Following the acquisition, the Collateral Solutions unit will remain in its current Sandy, Utah-location, while the Field Services unit, which is based in Westlake, Texas, will be combined with the MCS operations in Plano, TX.
CoreLogic COO Frank Martell (pictured) comments: 'The sale of Collateral Solutions and Field Services to MCS 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.'
Web sites: www.corelogic.com and www.mcs360.com .
All articles 2006-19 written and edited by Mel Crowther and/or Nick Thomas.