CoreLogic’s acquisition of Mercury Network is now complete.
Back in June, CoreLogic announced that it planned to acquire Mercury Network, a purchase valuation technology and appraisal management platform provider, from Serent Capital.
When CoreLogic announced the Mercury Network deal back in June, the company said that it already acquired a 45% passive minority stake in Mercury Network and planned to purchase the remaining 55% later this year.
As it turns out, “later this year” turned out to be August 10th.
CoreLogic announced Thursday that it closed on the acquisition of Mercury Network, buying the remaining 55% of the company for an undisclosed sum.
Last month, CoreLogic provided a peak at how much it was paying to acquire Mercury Network, disclosing that it paid $70 million for its 45% stake in Mercury Network.
Based on that price, that would place the total purchase price for Mercury Network at approximately $155.5 million, although CoreLogic did not detail the full cost, either back in June or in Thursday’s release.
The deal was the latest in string of appraisal-related acquisitions for CoreLogic in the last few years, including buying LandSafe Appraisal Services, FNC, and RELS for a total purchase price of approximately $587 million.
Mercury Network has also grown recently, especially after Serent Capital bought Mercury Network from a la mode back in 2015.
Since then, Mercury Network acquired Platinum Data Solutions, a QC technology company, in 2016, and announced plans to acquire Appraisal Scope, a provider of valuation management software, earlier this year.
Mercury Network currently helps manage the collateral valuation operations of more than 800 small and medium-sized mortgage lenders and appraisal management companies.
In a release, CoreLogic said that it plans to continue to offer Mercury Network’s technology platforms and related services to lenders and AMCs, while also bringing the company’s data and analytics capabilities to Mercury’s existing customers.
“We are very excited to bring the Mercury Network team into the CoreLogic family. The acquisition of Mercury Network is a significant step in advancing our valuation solutions capabilities,” Frank Martell, CoreLogic’s president and CEO, said.
“It complements our leading FNC platform which today serves over 100 major lenders. Together, Mercury and FNC valuation platforms allow CoreLogic to provide unmatched content, analytics and workflow solutions to over 900 lenders and appraisal management companies and 80,000 appraisal, title and property inspection professionals,” Martell added. “Our valuation platform business is now a scaled, high-growth and high-margin business and a foundational element of our strategy to transform the valuations space in the U.S.”