CoreLogic has reached an agreement to purchase the outstanding shares of Canadian insurance technology firm Symbility Solutions not owned by it.
Presently, CoreLogic owns 28% of Symbility shares. As per the terms of the agreement, for each share of Symbility, its shareholders will get C$0.615 in cash.
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Additionally, all holders of outstanding stock options of Symbility will be entitled to receive the “in-the-money” value of such stock options, less applicable withholdings.
The aggregate value of the transaction is worth about C$159.5m ($122.49m). CoreLogic said that it will fund the transaction using cash on hand and available amounts under its revolving credit facility.
President and CEO Frank Martell said: “Symbility expands our footprint in property and casualty insurance domestically and in key markets around the globe.
“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-US mortgage.
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By GlobalData“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.”
Established in 2004, Symbility provides subscription and cloud-based property insurance claims workflow solutions for the property and casualty insurance industry.
Headquartered in Toronto, Canada Symbility has operations in the US, the UK, Germany, the Netherlands, Australia and New Zealand.Subject to Symbility shareholder, option-holder as well as court’s approval, the transaction is likely to conclude by the end of 2018.
