CoreLogic, a residential property information, analytics and services provider based in Irvine, Calif., acquired CDS Business Mapping LLC in Middletown, Conn.CDS will be integrated into the existing CoreLogic Spatial Solutions business. The transaction closed on Dec. 14, 2012 and the purchase consideration was $78 million. CoreLogic used cash on hand to fund the purchase.
CDS Business Mapping delivers critical underwriting information to over 700 insurance carriers, agents and brokers nationwide through real-time reports that identify property-specific geographic hazards including distance to coast, flood zones, rating territories, proximity to brush, wind pool eligibility and earthquake information.
CoreLogic said the acquisition will help enhance its position as a supplier of geo-spatial property data and analytics to the property/casualty insurance, real estate, telecommunications, public utility, oil and gas industries as well as government agencies.
“The use of CoreLogic spatial solutions data and analytics has been expanding rapidly over the past several years in response to a growing demand by our clients for real-time geocoded property and hazard-related data, analytics and risk management services,” said CoreLogic’s Chief Executive Anand Nallathambi. “The acquisition of CDS complements and expands our existing natural hazard risk management offerings and extends our client relationships deeper into the P/C vertical.”
CoreLogic said CDS’s RiskMeter Online distribution platform and extensive client roster would allow CoreLogic to scale up its existing spatial business and support CoreLogic’s goal of growing its data and analytics segment footprint.