Irvine-based CoreLogic Inc. is buying a trio of data and analytics businesses for a combined $661 million.
The company said on Monday it had agreed to buy Milwaukee-based Marshall & Swift/Boeckh, DataQuick Information Systems in La Jolla, and the credit and flood-services unit of its DataQuick Lender Solutions.
The three businesses are being acquired from Fort Worth, Texas-based TPG Capital’s Decision Insight Information Group.
The deal is expected to close in the next three months, according to the company. It’s believed to be CoreLogic’s largest acquisition to date.
The acquisitions are part of CoreLogic’s strategy to grow its data and analytics business to make up more than half of its total revenue, according to chief financial officer Frank Martell.
Marshall & Swift/Boeckh provides information on replacement costs for residential and commercial property for the insurance industry, while DataQuick Information Systems is a property data and analytics information company.
“The acquisition of MSB and DataQuick significantly expands our footprint in property and casualty insurance and adds additional scale to our existing property data and analytics business,” CoreLogic chief executive Anand Nallathambi said in a statement.
“In addition to the obvious financial benefits and cost synergies, the combination of CoreLogic, MSB and DataQuick should yield significant future growth opportunities,” Nallathambi said.
Shares of CoreLogic were up about 5% on the news of the buys. The company counts a market value of about $2.3 billion.