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CoreLogic Ponders Sale
Santa Ana, CA-based CoreLogic, Inc., which provides information and analytics for the real estate and mortgage sectors, is receiving advice about a possible sale or merger, as a result of the 'challenging economic environment and current market conditions'.
The firm, which numbers Experian among its competitors, said other options being pursued with newly-hired boutique advisory firm Greenhill & Co include cost-cutting, changes in capital structure, and repurchases of debt or stock.
Previously part of financial services giant First American Corp, CoreLogic became an independent publicly traded company in June 2010, and last month said it would sell its India-based captive operations to IT firm Cognizant Technology Solutions for around $50 million in cash.
The company's share price fell away after it reported revenues of $396m, slightly lower than expected, in the first week of August, and despite a healthy / above-estimate EPS of 29 cents. The company is capitalized at $935.4m and has more than 10,000 employees globally with 2010 revenues of $1.6bn.
Former Nielsen bigwig Frank D. Martell began his tenure as the firm's new CFO yesterday, August 29. Martell was EVP and CFO of former Nielsen colleague Michael Connors' shell firm ISG when it was set up in 2007; after eleven years at AC Nielsen where he rose to COO, and fifteen in financial roles at the General Electric Company.
Web site: www.corelogic.com .
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