The global property data and analytics firm reports that it has acquired a 45% passive minority stake in Mercury Network from Mercury’s parent company, Serent Capital, and that it will purchase the remainder subject to the usual regulatory approvals by the end of this year.
The acquisition of Mercury Network will make an immediate positive impact on CoreLogic’s balance sheet and will help CoreLogic grow organically moving forward, the company says in a press release.
Headquartered in Oklahoma City, Mercury Network’s appraisal software is used by more than 800 small and midsize mortgage lenders and appraisal management companies (AMCs) to manage their collateral valuation operations.
“Mercury Network’s platforms complement the CoreLogic appraisal technology platforms and analytics business acquired from FNC in 2016,” says Frank Martell, president and CEO of CoreLogic, in the release. “They will broaden the reach of CoreLogic’s valuation technology products and services to smaller and medium-sized lenders and AMCs. Through this acquisition, CoreLogic will improve its value proposition and go to market strategy for its broad range of valuation-related data and analytics to this important and growing segment of the industry.”
CoreLogic intends to continue to offer Mercury Network’s technology platforms and related services to emerging lenders and AMCs while focusing its FNC technology offering on larger lenders.
Mercury Network will continue to be headquartered in Oklahoma City.
Interestingly, Mercury Network itself has been growing through acquisition in recent years. For example, in March, Mercury Network acquired Appraisal Scope Inc., a Baltimore-based provider of valuation management software, and in August 2016, it acquired Platinum Data Solutions.