CoreLogic is buying Symbility Solutions, a subscription and cloud-based property insurance claims workflow solutions company.
“Symbility expands our footprint in property and casualty insurance domestically and in key markets around the globe. Further scaling our insurance and international footprint offers the potential for significant non-cyclical growth in line with our long-term goal of sourcing at least 50% of our revenues from non-U.S. mortgage,” CoreLogic President and CEO Frank Martell said in a statement.
“In addition to the obvious financial benefits and synergies, the combination of CoreLogic and Symbility should yield significant future growth opportunities through the introduction of new products, services and workflow tools which draw from a wide range of unmatched gold-standard data assets, platforms and analytical capabilities,” Martell added.
CoreLogic already owns 28% of the shares in Symbility and with this purchase will simply be snapping up the remainder of the outstanding shares. The deal is slated to wrap before the end of 2018, pending approval from the shareholders and the completion of other closing-related checkboxes.
CoreLogic will acquire all outstanding stocks for C$0.165 per share in cash.
“Symbility has a great leadership team, innovative and leading-edge solutions, and we believe the combination of CoreLogic and Symbility is compelling for all stakeholders,” Martell said.
“The combination of Symbility and our existing underwriting and geo-spatial data and analytics capabilities as well as our property-related data assets will allow CoreLogic to provide our clients in the insurance industry with new and unique insights into underwriting property and natural hazard risk coverage while accurately and efficiently processing claims.”