Santa Ana-based CoreLogic has inked a deal to acquire a 60 percent stake in Australia's RP Data that it doesn't currently own for roughly $190 million. The move supports the data provider's international growth efforts and expansion into the Asia-Pacific region.
RP Data provides residential and commercial property information services throughout Australia and New Zealand. The company, which serves more than 10,000 clients, is the largest electronic property valuations and consumer reports provider in Australia. CoreLogic already owns a 40 percent stake in the company.
"During the four-and-a-half-year partnership with RP Data," said CoreLogic President and CEO Anand Nallathambi, "CoreLogic has witnessed a compounded annual revenue growth of more than 30 percent for RP Data; successfully deployed the CoreLogic market-leading automated valuation models, fraud analytics and property data solutions through a strategic alliance with RP Data; and seen RP Data’s successful launch of consumer products and services, which are expected to be a growth area in the future."
CoreLogic, which had 2009 revenues of $2 billion, recently sold its employer and litigation support units for $265 million. At the time, the company said it planned to use the funds for strategic acquisitions and to support its work to solidify its market presence.
The new deal, which is slated to close in the second quarter, positions the firm to be a global leader in consumer, property and financial information, analytics and business services, according to CoreLogic.
"The Asia-Pacific region represents an attractive long-term growth opportunity for CoreLogic," said Nallathambi, "and we believe the RP Data acquisition is an integral part of that growth strategy."
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