CORELOGIC HAS ACQUIRED A LA MODE TECHNOLOGIES
Advisory Role: Krall & Co. Inc. acted as exclusive financial advisor to a la mode technologies in connection with this transaction.
Announcement Date: April 11, 2018.
Buyer: CoreLogic is a provider of property information, analytics and data-enabled services. The Company’s two business segments are Property Intelligence & Risk Management Solutions (“PIRM”) and Underwriting & Workflow Solutions (“UWS”). The PIRM segment combines property, mortgage and consumer information to deliver housing market and property-level insights, predictive analytics and risk management capabilities. This segment offers proprietary technology and software platforms to access, automate or track this information and assist its clients with decision-making and compliance tools in the real estate and insurance industries. The UWS segment combines property, mortgage and consumer information to provide mortgage origination and monitoring solutions, including underwriting-related solutions and data-enabled valuations and appraisals.
Target: ALM (1985) provides cloud, mobile, and desktop software used by residential and commercial appraisers to produce and store forms-based appraisal reports and supporting documents; collaborate with and market to appraisal clients and partners; manage back-office functions of large and small appraisal businesses; and collect, analyze, distribute, and otherwise apply property-related data to the creation of appraisal reports. The Company was founded by Dave Biggers.
Deal Rationale: The transaction is a fit with CLGX’s Valuation Solutions Group, which CLGX has been growing through acquisitions. In August 2017, CLGX acquired Mercury Network, which provides a SaaS appraisal vendor management platform and related products mainly for small and medium-sized lenders and appraisal management companies (“AMCs”). In April 2016 CLGX acquired FNC, Inc. for $400 million. FNC offers real estate collateral technology, including Collateral Management System, a compliance and appraisal workflow platform that automates appraisal vendor management, mainly for large banks. In October 2015, CoreLogic acquired Landsafe Appraisal Services, Inc., an AMC, from BankAmerica Corporation for $122 million. In December 2015, CLGX agreed to acquire Wells Fargo’s 49.9% in RELS LLC, an AMC, for $65 million. (CLGX already owned 50.1% of RELs.) The current transaction reunites ALM with Mercury Network, which ALM sold in 2015 to Serent Capital.
Terms: CoreLogic has acquired 100% of the equity interests of a la mode technologies, llc. Terms were not disclosed.