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CoreLogic acquires ClosingCorp

CoreLogic, a leading provider of global property information, analytics, and data-enabled solutions, announced the acquisition of San Diego-based ClosingCorp.

CoreLogic will acquire all of ClosingCorp's outstanding shares with the transaction expected to close in Q3 2021, subject to regulatory approvals and other usual closing considerations.

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CoreLogic, a California-based once-public company providing real estate intelligence and solutions, advocates for a healthy residential real estate market and community.

CoreLogic empowers government entities, insurance providers, financial institutions, real estate firms, and other housing sector participants to help millions of people find, buy, and protect their homes through its enhanced property technology, utilities and data solutions. The catastrophe simulation group with 180+ models encompassing 90 percent of global GDP supports the soundness of insurers' portfolios around the world. CoreLogic is listed on the NASDAQ: CLGX under the technology category with a market capitalization of $5.88B.

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ClosingCorp is a trusted partner to major players in the US housing real estate ecosystem.

The firm offers unique must-have intelligence and digital solutions that simplify the quoting and ordering of critical settlement services required to originate and service a home loan, reducing friction and cost. The company, through modern technologies and strong collaborations, provides rapid, precise, and transparent results. These results help mortgage lenders and real estate experts optimize closing operations and practices. ClosingCorp, which claimed over 35% market share in 2020, is trusted by clients to help them increase efficiencies and reduce risk.

The merger will expand CoreLogic's scope of innovative best-in-class solutions for title and settlement businesses as well as streamline the workflows for the customers. The confluence of ClosingCorp and CoreLogic digital resources, infrastructure, and domain knowledge is clearly multiplicative for the clients and the housing market economy. ClosingCorp's innovative solutions combined with CoreLogic's property-level digital content and channels will expedite the launch of new high-demand products. Customers will benefit significantly from the combination of ClosingCorp's pricing and order management platform with CoreLogic's stronger resources in terms of continual innovation.

There is a striking similarity between the two firms, as ClosingCorp will release its first national refinance closing cost report based on CoreLogic's home price data in 2021. Apart from that, the closing data company incorporated CoreLogic's Property Tax Estimator to its SmartFees service and closing technologies previously in 2018. ClosingCorp's software, providing high-level insights on closing expenses, witnesses its usage by a majority of the country's top 25 lenders.

The deal of ClosingCorp’s acquisition surfaced less than a month after CoreLogic itself was acquired by Stone Point Capital for $80 per share on June 4th. The acquisition was a critical and conclusive step in the analytics behemoth's nearly year-long battle.

CoreLogic began contesting a hostile takeover bid from investors who own or have financial interests in around 15% of CoreLogic's outstanding common shares. Senator Investment Group and Cannae Holdings and proposed buying the company for $66 per share in an all-cash bid in July. The investors withdrew their bid when CoreLogic indicated it was considering numerous bids to sell at or over $80 per share. However, Stone Point Capital's subsequent purchase of CoreLogic was jeopardized when commercial research firm CoStar Group made its own competitive offer. Costar later dropped its buyout bid, citing rising mortgage rates as the reason.

CoreLogic, after acquiring ClosingCorp, is all set to expand its spectrum of digital capabilities and intelligence in order to improve the home-buying experience.


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