CoreLogic buys appraisal tech company a la mode
CoreLogic, which has already acquired several appraisal technology and services vendors, snagged another one with its purchase of a la mode technologies.
The price paid was not disclosed. CoreLogic acquired 100% of a la mode's equity.
CoreLogic purchased Mercury Network from Serent last June, which ironically acquired it from a la mode. It previously acquired FNC, and before that it bought RELS (buying out former partner Wells Fargo in 2016 for $65 million) and LandSafe Appraisal Services.
Previously Mercury Network had bought Platinum Data Solutions.
The acquisition of all of the equity of a la mode is expected to be modestly accretive to CoreLogic's 2018 revenue and adjusted EBITDA, excluding certain purchase accounting adjustments and one-time integration-related costs.
"The acquisition of a la mode is an important next step in the development and scaling of our end-to-end valuation solutions workflow suite which includes data and market insights, analytics as well as data-enabled services and platforms," Frank Martell, CoreLogic's president and CEO, said in a press release.
"A la mode tools and solutions help to make our professional appraiser community more productive and efficient. The addition of a la mode to our existing workflow and technology offerings also provides CoreLogic with a seamless digital platform for ordering, preparing, quality assuring and delivering property valuations and allows us to expand the connectivity between a number of the major constituencies in the mortgage underwriting ecosystem."
The acquisition is expected to be modestly accretive to CoreLogic's 2018 revenue and adjusted EBITDA, excluding certain purchase accounting adjustments and one-time integration-related costs, the press release said.
A la mode's day-to-day operational management team will remain a part of the company, a Q&A posted on the a la mode website said.
"CoreLogic didn't acquire us with the intent to shut us down. We'll continue to give you the best appraisal software and advocate on appraisers' behalf, just as we always have," another answer on the Q&A page said.