In a move that will further expand its valuation technology capabilities, as wells its client base, CoreLogic has acquired a la mode technologies, which provides subscription-based software solutions to more than 40,000 appraiser professionals across the U.S.
Terms of the deal were not disclosed.
Founded in 1985 and headquartered in Oklahoma City, a la mode’s appraisal solutions facilitate the aggregation of data, imagery and photographs in a GSE-compliant format for the completion of U.S. residential appraisals.
“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,” says Frank Martell, CoreLogic president and CEO, in a 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,” Martell adds.
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.
Last year, CoreLogic acquired valuation technology and appraisal management platform provider Mercury Network – which was previously a unit of a la mode – from Mercury’s parent company, Serent Capital.
Interestingly, Mercury Network had also been growing through acquisition at the time. For example, in March 2017, Mercury Network acquired Appraisal Scope Inc., a Baltimore-based provider of valuation management software, and in August 2016, it acquired Platinum Data Solutions.
In addition to acquiring Mercury Network, CoreLogic has acquired several other appraisal management and technology firms during the past several years, including FNC, LandSafe and RELS.