CoreLogic to Acquire Symbility Solutions Inc.
October 22 2018 - 6:12PM
Business Wire
Acquisition of a Leading Global Provider of
Property Insurance Claims Workflow Solutions Expands Insurance and
International Footprint
CoreLogic (NYSE: CLGX), a leading global provider of property
information, insight, analytics and data-enabled solutions, today
announced the Company has entered into a definitive agreement to
acquire the outstanding shares of Symbililty Solutions Inc.
(“Symbility”) (TSX.V: SY) not already owned by CoreLogic. CoreLogic
currently holds approximately a 28% ownership interest in
Symbility.
Symbility, founded in 2004, is a leading provider of
subscription and cloud-based property insurance claims workflow
solutions for the Property & Casualty insurance industry.
Symbility also provides an extensive array of innovative enterprise
mobile and application software solutions. The company is
headquartered in Toronto, Canada and operates in the U.S., Canada,
the United Kingdom, Germany, Netherlands, Australia and New
Zealand.
“Symbility expands our footprint in property and casualty
insurance domestically and in key markets around the globe. Further
scaling our insurance and international footprint offers the
potential for significant non-cyclical growth in line with our
long-term goal of sourcing at least 50% of our revenues from
non-U.S. mortgage. In addition to the obvious financial benefits
and synergies, the combination of CoreLogic and Symbility should
yield significant future growth opportunities through the
introduction of new products, services and workflow tools which
draw from a wide range of unmatched gold-standard data assets,
platforms and analytical capabilities,” said Frank Martell,
President and Chief Executive Officer of CoreLogic.
“Symbility has a great leadership team, innovative and
leading-edge solutions, and we believe the combination of CoreLogic
and Symbility is compelling for all stakeholders,” Martell added.
“The combination of Symbility and our existing underwriting and
geo-spatial data and analytics capabilities as well as our
property-related data assets will allow CoreLogic to provide our
clients in the insurance industry with new and unique insights into
underwriting property and natural hazard risk coverage while
accurately and efficiently processing claims.”
The transaction is expected to close by the end of 2018 and is
subject to Symbility shareholder and option-holder approval, court
approval, certain third-party consents and customary closing
conditions. Under the terms of the definitive agreement, CoreLogic
will acquire all outstanding common shares of Symbility not owned
by CoreLogic or its affiliates for C$0.615 per share in cash. In
addition, all holders of outstanding stock options of Symbility
will be entitled to receive the “in-the-money” value of such stock
options, less applicable withholdings. The Company intends to fund
the acquisition of Symbility using cash on hand and available
amounts under its revolving credit facility.
The acquisition is expected to be accretive to 2019 financial
results excluding one-time integration costs as well as reductions
in acquired deferred revenue and other purchase accounting
adjustments. BMO Capital Markets is acting as financial advisor to
CoreLogic on the transaction.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information,
analytics and data-enabled solutions provider. The Company's
combined data from public, contributory and proprietary sources
includes over 4.5 billion records spanning more than 50 years,
providing detailed coverage of property, mortgages and other
encumbrances, consumer credit, tenancy, location, hazard risk and
related performance information. The markets CoreLogic serves
include real estate and mortgage finance, insurance, capital
markets, and the public sector. CoreLogic delivers value to clients
through unique data, analytics, workflow technology, advisory and
managed solutions. Clients rely on CoreLogic to help identify and
manage growth opportunities, improve performance and mitigate risk.
Headquartered in Irvine, Calif., CoreLogic operates in North
America, Western Europe and Asia Pacific. For more information,
please visit www.corelogic.com.
Safe Harbor / Forward Looking Statements
Certain statements made in this press release are
forward-looking statements within the meaning of the federal
securities laws, including but not limited to those statements
related to the expected transaction benefits and timing thereof,
including financial benefits and synergies, growth opportunities,
and the introduction of new products. Risks and uncertainties exist
that may cause the results to differ materially from those set
forth in these forward-looking statements. Factors that could cause
the anticipated results to differ from those described in the
forward-looking statements include the risks and uncertainties set
forth in Part I, Item 1A of our most recent Annual Report on Form
10-K. These additional risks and uncertainties include but are not
limited to: changes in applicable government legislation,
regulations and the level of regulatory scrutiny affecting our
customers or us, including with respect to consumer financial
services and the use of public records and consumer data; our
technology and growth strategies and our ability to effectively and
efficiently implement them; and our indebtedness and the
restrictions in our various debt agreements. The forward-looking
statements speak only as of the date they are made. The Company
does not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
CoreLogic and the CoreLogic logo are trademarks of CoreLogic,
Inc. and/or its subsidiaries. All other trademarks are the property
of their respective holders.
CLGX-F
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CoreLogicMedia Contact:Alyson
Austinoffice phone: 949-214-1414e-mail:
alaustin@corelogic.comorInvestor
Contact:Dan Smithoffice phone:
703-610-5410e-mail: danlsmith@corelogic.com