Marking what is probably the biggest deal in the real estate tech space so far this year, data aggregator CoreLogic announced today that it has entered into a definitive agreement to purchase a pair of technology companies for a whopping $661 million, a move that will strengthen its footprint in the insurance industry and beef up its property data and analytics capabilities.
CoreLogic said that it will purchase Marshall & Swift/Boeckh (MSB), a provider of property value solutions to the property casualty insurance industry, and analytics company DataQuick Information Systems, including the credit and flood services operations of DataQuick Lender Solutions, from the Decision Insight Information Group (DIIG).
“The acquisition of MSB and DataQuick significantly expands our footprint in property and casualty insurance and adds additional scale to our existing property data and analytics business,” said Anand Nallathambi, president and CEO at CoreLogic. “The combination of MSB and our existing geospatial business capabilities and property-related data assets allows CoreLogic to provide our clients in the insurance industry with new and unique insights into underwriting property coverage as well as managing natural hazard risks and claims.”
“In addition to the obvious financial benefits and cost synergies, the combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities through the introduction of new products, services and workflow tools which draw from a wide range of gold-standard data assets and analytical capabilities.”
