CoreLogic will expand its footprint in the loan-origination-system sector through an acquisition.
An announcement Tuesday indicated that the Santa Ana, Calif.-based information provider completed the acquisition of Dorado Network Systems Corp.
The all-cash deal was for $32 million. CoreLogic said it already had a 38 percent stake in the San Mateo, Calif.-based company, which will operate as CoreLogic Dorado.
CoreLogic said that the embedding of its decision management applications into clients’ operating systems will be extended and accelerated because of Dorado’s patented cloud computing-based technology.
The statement indicated that Dorado’s technology will be deployed into CoreLogic’s strategic outsourcing business.
CoreLogic Chief Executive Officer Anand Nallathambi said shareholder value is enhanced by the acquisition of the technology provider, which is a Mortgage Daily advertiser.
“The mortgage industry is entering an era that demands a new watermark in efficiency and transparency across all aspects of financial transactions,” Nallathambi said in the statement. “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.”
CoreLogic Inc. was created as a result of a spin-off transaction at the First American Financial Corp. announced in June 2010. That same month, Director John W. Peace resigned from the board of CoreLogic Inc. A news release last month indicated that Anthony “Buddy” Piszel, the company’s chief financial officer, resigned but planned to stay on until June 1.
