Software, data and analytics firm CoreLogic is acquiring Symbililty Solutions Inc., a provider of subscription and cloud-based property insurance claims workflow solutions for the property and casualty insurance industry, for an undisclosed sum.
CoreLogic currently holds approximately a 28% ownership interest in Symbililty, which also provides an extensive array of innovative enterprise mobile and application software solutions.
The company is headquartered in Toronto, Canada and operates in the US., Canada, the United Kingdom, Germany, Netherlands, Australia and New Zealand.
“Symbility expands our footprint in property and casualty insurance domestically and in key markets around the globe,” says Frank Martell, president and CEO of CoreLogic, in a release.
“Further scaling our insurance and international footprint offers the potential for significant non-cyclical growth in line with our long-term goal of sourcing at least 50% of our revenues from non-U.S. mortgage.
“In addition to the obvious financial benefits and synergies; the combination of CoreLogic and Symbility should yield significant future growth opportunities through the introduction of new products, services and workflow tools which draw from a wide range of unmatched gold-standard data assets, platforms and analytical capabilities,” Martell adds.
Symbility’s technology, when combined with CoreLogic’s existing underwriting and geo-spatial data and analytics capabilities, as well as it property-related data assets, will allow CoreLogic to deliver new and unique insights into underwriting property and natural hazard risk coverage while accurately and efficiently processing claims.
The transaction is expected to close by the end of 2018 and is subject to Symbility shareholder and option-holder approval, court approval, certain third-party consents and customary closing conditions.