CoreLogic acquires RiskMeter Online maker CDS Mapping
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Analytics and data provider CoreLogic Inc. on Friday said it has acquired Middletown, Conn.-based CDS Business Mapping L.L.C., the maker of underwriting tool RiskMeter Online, for $78 million in cash.
Irvine, Calif.-based CoreLogic said the deal will strengthen its geo-spatial property data and analytics offerings to the property/casualty insurance industry, noting that RiskMeter Online delivers property-specific geographic hazards to more than 700 insurance insurers, agents and brokers nationwide.
“The use of CoreLogic Spatial Solutions data and analytics has been expanding rapidly over the past several years in response to a growing demand by our clients for real-time geocoded property and hazard-related data, analytics and risk management services,” CoreLogic President and CEO Anand Nallathambi said in a statement. “The acquisition of CDS complements and expands our existing natural hazard risk management offerings and extends our client relationships.”
CoreLogic Chief Financial Officer Frank Martell praised the cloud-based delivery model of RiskMeter Online.
“CDS' RiskMeter Online distribution platform and extensive client roster allows CoreLogic to efficiently scale up its existing spatial business and supports our goal of growing our data and analytics segment footprint,” he said in the statement.
