CoreLogic buys CDS Business Mapping for $78M
IRVINE, Calif. (AP) — Data analytics and business-services provider CoreLogic said Friday that it acquired CDS Business Mapping LLC for $78 million.
Middletown, Conn.-based CDS supplies underwriting information to over 700 insurance carriers, agents and brokers through reports that identify a variety of property-specific geographic hazards including distance to coast, flood zones and earthquake information, CoreLogic said.
CoreLogic said it expects the acquisition to boost its 2013 earnings. It said the addition of CDS will improve its position as a top supplier of property data and analytics to the insurance, real estate, telecommunications, public utility, oil and gas industries as well as government agencies.
CDS will become part of CoreLogic's spatial solutions business. The deal closed in December and CoreLogic used cash on hand to fund the purchase.
CoreLogic's stock was down 10 cents to $27.69 in afternoon trading. The stock has more than doubled in the past year.