CoreLogic Acquires Dorado Network Systems Corporation
Open technology platforms enable loan processing workflow and integrated mortgage finance transaction management for analytical decision making
SANTA ANA, Calif., March 15, 2011 - CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, announced today that it completed its acquisition of Dorado Network Systems Corporation in a $32 million all-cash transaction. Dorado is a recognized leader in collaborative cloud computing applications and architecture to the financial services industry. CoreLogic previously held a 38 percent equity interest in Dorado.
With the acquisition, CoreLogic gains patented cloud computing-based technology that extends and accelerates the embedding of CoreLogic decision management applications into client operating environments, making transaction decisions faster, more automated, and more accurate. CoreLogic anticipates expanding these services to enhance its 360-degree approach to delivering improved loan quality and transaction transparency from point of sale through investor delivery to the secondary market. Additionally, CoreLogic will deploy Dorado technology into its strategic outsourcing business.
Dorado, which will operate as CoreLogic Dorado, provides a comprehensive suite of enterprise lending solutions that automates loan origination and consolidates internal and external service integrations into a unified process, connecting lenders, their partners and consumers through a collaborative, real-time workflow. Dorado technology not only automates data handling, but also facilitates the integration of real-time borrower, organizational and market information into mortgage finance transactions so that lenders, servicers, investors, and borrowers experience improved loan quality and transaction transparency.
According to CoreLogic President and CEO Anand Nallathambi, this acquisition contributes to the company's growth strategy to enhance shareholder value. "The mortgage industry is entering an era that demands a new watermark in efficiency and transparency across all aspects of financial transactions. The existing capabilities that Dorado brings to the table, as well as the potential opportunities that exist to expand these capabilities, make this a growth enabler for us. This acquisition extends our leadership position in helping clients anticipate, adapt and respond to their market environment. The Dorado platform will help shape our next generation decision management applications into solutions that ensure integrity and quality throughout the entire lifespan of a loan. It also enables CoreLogic to customize and embed solutions directly within the lender operating environment, providing increased ROI to our clients," said Nallathambi.
Dorado Co-founder and CEO Dain Ehring said that becoming part of CoreLogic lends greater breadth and depth of resources to Dorado's operations in line with the growing needs of our clients. "Dorado will offer clients a blended portfolio of cloud-based lending solutions complemented by an enhanced array of data and analytics. At a time when financial institutions worldwide are increasingly adopting sophisticated analytics as a way to increase the effectiveness, agility and flexibility of their operations, this transaction strengthens our growth trajectory," he said.
About CoreLogic
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly, the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit corelogic.com.
About Dorado Network Systems Corporation
Dorado provides collaborative cloud computing applications and architecture to leading mortgage lenders in the U.S. The company offers fully automated on-demand solutions for managing and tracking complex service integrations and data-intensive transactions. The company's marquee ChannelMaster(TM) mortgage loan origination system (LOS) enables financial institutions to run and centrally monitor the consumer lending process from lead generation through post-close. Along with the benefits of software-as-a-service applications--increased functionality and dependability with minimal capital costs, flexible configurations, rapid deployment and more agile performance--Dorado's customers also gain competitive advantage via the company's unique collaborative workflow process. This patented technology allows multiple people to work on multiple loan files simultaneously while providing lenders with built-in, frequently updated mechanisms for managing compliance.
SOURCE CoreLogic
CONTACT: Media, Alyson Austin, Corporate Communications, +1-714-250-6180, newsmedia@corelogic.com, or Investors, Dan Smith, Investor Relations, +1-703-610-5410, investor@corelogic.com, both for CoreLogic
Web Site: corelogic.com
