First American Renames Information Solutions Group Ahead of Split-Off
The First American Corp. (FAF) assigned its Information Solutions Group the new corporate name "CoreLogic" ahead of a targeted June 1, 2010 date for the firm's split. First American previously announced it will split its Information Solutions Group -- now CoreLogic -- and its Financial Services Group into two separate, publicly traded companies. "We selected the CoreLogic name from our current portfolio of brands as a unifying description of the broad data, analytics and business information services we provide to support the core processes of our customers," said Anand Nallathambi, president and CEO of CoreLogic, in a press statement. The company previously did business as First American CoreLogic, so the new brand comes as no surprise to the industry. The CoreLogic brand will encompass more than 20 different business lines in the areas of data, analytics and outsourcing services, as well as the consumer credit and information companies acquired with First Advantage. CoreLogic is expected to be a $2bn revenue company with more than 10,000 employees worldwide. CoreLogic's tentative plan to raise additional capital involves holding an investor day in New York on May 11, which may lead to a roadshow to potential investors in the US and in Europe. Following the targeted June 1 split date, CoreLogic will trade under the symbol "CLGX" and First American Financial Corp. will adopt the "FAF" ticker symbol for the New York Stock Exchange (NYSE). First American on March 17 named executives for the Information Solutions Group subsidiary, appointing Nallathambi as CEO and Buddy Piszel as chief financial officer (CFO). Nallathambi, who has served as president and chief operating officer of the group since December 2009, previously served as CEO and president of First Advantage. Piszel joined First American as executive vice president and CFO in January 2009, and previously served as executive vice president and CFO at Freddie Mac (FRE). Write to Diana Golobay. Disclosure: the author holds no relevant investment positions.