CoreLogic, the real estate data analytics company in Santa Ana, is selling its operations in India for $50 million to Cognizant, an information technology consultant based in New Jersey. As part of the deal Cognizant will continue to provide services to CoreLogic with a minimum value of $324 million.
The partnership should get information to customers faster while expanding service and improving productivity and efficiencies, according to CoreLogic President and CEO Anand Nallathambi. “We intend to use the cash proceeds towards our expansion into new growth markets, and believe Cognizant has the solid, proven track record that makes it an excellent choice to support this strategy,” he said.
Together, the companies expect to provide end-to-end business processes and mortgage analytics from loan origination to escrow to title to closing services through secondary markets to loan administration to loan default management.
CoreLogic Global Services Private Limited, also known as CoreLogic India, has 4,000 employees who will become Cognizant employees at the close of the transaction, which is expected to be in August.
Francisco D’Souza, President and CEO of Cognizant, said, “This acquisition continues our long-standing strategy of acquiring for capabilities, and the strategic relationship with CoreLogic enables us to better serve the rapidly evolving mortgage industry globally.”
