CoreLogic to acquire settlement services platform ClosingCorp

CoreLogic announced on Wednesday that it would acquire the outstanding shares of ClosingCorp, with the merger between the two data-and-analytics providers expected to close in third quarter 2021.

The deal will combine CoreLogic’s analytics with ClosingCorp’s platform, which offers streamlined settlement services during the closing process.

“The combination of ClosingCorp and CoreLogic digital solutions, platforms and domain expertise is clearly additive for our clients and the broader housing ecosystem,” said Frank Martell, CoreLogic’s president and CEO.

The move comes after the once publicly-held CoreLogic, with headquarters in Irvine, California, was itself purchased earlier this year by private equity firms Stone Point Capital and Insight Partners for approximately $6 billion or $80 per share. That deal closed after an intense months-long ordeal, which started when CoreLogic found itself in the crosshairs of a takeover bid by Cannae Holdings and Senator Investment Group. The two firms, at one point, made an attempt to replace the entire CoreLogic board. At the time, Cannae Holdings chair Bill Foley was also chair of CoreLogic competitor Black Knight.

The takeover failed in October after CoreLogic announced it was entertaining other acquisition offers valued at $14 per share more than what Cannae Holdings and Senator Investment Group were offering. But the subsequent purchase by Stone Point Capital and Insight Partners was threatened when commercial research firm CoStar Group made its own hostile bid for CoreLogic. Costar later withdrew its attempted takeover, citing increased mortgage rates.

Wednesday’s merger announcement between CoreLogic and San Diego-based ClosingCorp arrived with far less tension, as ClosingCorp CEO Bob Jennings lauded the complementary focuses of two companies.:
“Pairing our fees and order management platform with the greater resources that CoreLogic brings will create significant benefits for our customers in terms of simplified workflow and continuous innovation,” Jennings said.

_{CORRECTION: This article has been amended to reflect that Bill Foley is no longer on the Black Knight board.}