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First American Corp. aims for minority ownership of CoreLogic
The corporation’s Information Solutions and Financial Solutions groups will be split into separate companies.
By Larry UrishPublished: March 16, 2010
Santa Ana-based First American Corporation, the nation’s largest provider of business information with $6 billion in total revenues last year, on Monday announced that it has drafted a letter of intent to acquire minority ownership of First American CoreLogic. First American Corporation previously owned 82 percent of CoreLogic.
First American Corporation is an umbrella company consisting of two divisions: the Information Solutions Group, which oversees First American CoreLogic, among other business units, and the Financial Services Group, which is composed of a title insurance business unit, plus several others.
CoreLogic holds a huge repository of data that has been used in a wide variety of real estate- and mortgage-related transactions. The company builds predictive models and analytics that provide insight for its customers and allows for quick decision-making.
This June, First American Corporation’s Information Solutions Group and its Financial Services Group will be split into two independent, publicly traded companies, each with its own ticker symbol.
"The completion of the First American CoreLogic acquisition and full integration with the resources of the Information Solutions Group is the logical next step in the data and information strategy for serving a variety of industries," says Steve Schroeder, former CEO of CoreLogic and senior vice president of First American CoreLogic.
Parker S. Kennedy, chairman and chief executive officer of The First American Corporation, is also optimistic about the upcoming change.
“We believe the integration of First American CoreLogic with the other operational business units acquired in the fourth quarter of 2009 … will serve to simplify the organization as the Information Solutions Group prepares to become an independent, public company," he says. "This acquisition will result in an extra measure of flexibility and operational efficiency that will be beneficial as we develop our next-generation analytic capabilities for the financial services and capital markets industries."
Related stories:
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First American Corporation is an umbrella company consisting of two divisions: the Information Solutions Group, which oversees First American CoreLogic, among other business units, and the Financial Services Group, which is composed of a title insurance business unit, plus several others. CoreLogic holds a huge repository of data that has been used in a wide variety of real estate- and mortgage-related transactions. The company builds predictive models and analytics that provide insight for its customers and allows for quick decision-making. This June, First American Corporation’s Information Solutions Group and its Financial Services Group will be split into two independent, publicly traded companies, each with its own ticker symbol. "The completion of the First American CoreLogic acquisition and full integration with the resources of the Information Solutions Group is the logical next step in the data and information strategy for serving a variety of industries," says Steve Schroeder, former CEO of CoreLogic and senior vice president of First American CoreLogic. Parker S. Kennedy, chairman and chief executive officer of The First American Corporation, is also optimistic about the upcoming change. “We believe the integration of First American CoreLogic with the other operational business units acquired in the fourth quarter of 2009 … will serve to simplify the organization as the Information Solutions Group prepares to become an independent, public company," he says. "This acquisition will result in an extra measure of flexibility and operational efficiency that will be beneficial as we develop our next-generation analytic capabilities for the financial services and capital markets industries." Related stories: Santa Ana's First American Corporation announces stock exchange Santa Ana's First American Corporation named among G.I. Jobs magazine's top 100 Will 2010 be the M&A comeback year? SCM stockholders approve Bluehill ID AG merger |
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