CoreLogic Inc. (CLGX:US) said it acquired the Case-Shiller home-price indexes for $6 million, adding a widely used measure of U.S. property values to its real estate data.
Case-Shiller, founded by Wellesley College Professor Emeritus Karl Case and Yale University Economics Professor Robert Shiller, is best known for its gauge of repeat home sales in 20 U.S. cities. CoreLogic, which also issues a monthly home- price index based on repeat sales, will continue to produce separate reports, the Irvine, California-based real estate information service said in a statement today.
“Case-Shiller, one of the most widely recognized brands in home-price trends and property valuation services, is the highly complementary addition to CoreLogic’s existing residential property insights platform,” CoreLogic Chief Executive Anand Nallathambi said during an earnings conference call today. The deal was completed March 20, CoreLogic said.
Fiserv Inc. (FISV:US), a financial-technology company based in Brookfield, Wisconsin, owned the Case-Shiller indexes and licensed a portion to Standard & Poor’s. The S&P/Case-Shiller Home Price Indices will retain their brand name, according to CoreLogic’s statement.
The deal was in line with a plan to sell businesses that are “no longer consistent with our market, product or financial strategies,” Judy DeRango Wicks, a Fiserv spokeswoman, said in an e-mail.
CoreLogic rose 7.4 percent to $26.52, its biggest gain since July 24. The company reported earnings after the close of trading yesterday that beat analysts’ estimates. Fiserv climbed 0.9 percent to $90.17.
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