CoreLogic, a provider of information, analytics and business services, has announced that it has completed its acquisition of Dorado Network Systems Corporation in a $32 million all-cash transaction. Dorado is a recognized leader in collaborative cloud computing applications and architecture to the financial services industry. CoreLogic previously held a 38 percent equity interest in Dorado. With the acquisition, CoreLogic gains patented cloud computing-based technology that extends and accelerates the embedding of CoreLogic decision management applications into client operating environments, making transaction decisions faster, more automated, and more accurate.
CoreLogic anticipates expanding these services to enhance its 360-degree approach to delivering improved loan quality and transaction transparency from point of sale through investor delivery to the secondary market. Additionally, CoreLogic will deploy Dorado technology into its strategic outsourcing business.
"The mortgage industry is entering an era that demands a new watermark in efficiency and transparency across all aspects of financial transactions," said CoreLogic President and Chief Executive Officer Anand Nallathambi. "The existing capabilities that Dorado brings to the table, as well as the potential opportunities that exist to expand these capabilities, make this a growth enabler for us. This acquisition extends our leadership position in helping clients anticipate, adapt and respond to their market environment. The Dorado platform will help shape our next generation decision management applications into solutions that ensure integrity and quality throughout the entire lifespan of a loan. It also enables CoreLogic to customize and embed solutions directly within the lender operating environment, providing increased ROI to our clients."
Dorado, which will operate as CoreLogic Dorado, provides a comprehensive suite of enterprise lending solutions that automates loan origination and consolidates internal and external service integrations into a unified process, connecting lenders, their partners and consumers through a collaborative, real-time workflow. Dorado technology not only automates data handling, but also facilitates the integration of real-time borrower, organizational and market information into mortgage finance transactions so that lenders, servicers, investors, and borrowers experience improved loan quality and transaction transparency.
"Dorado will offer clients a blended portfolio of cloud-based lending solutions complemented by an enhanced array of data and analytics. At a time when financial institutions worldwide are increasingly adopting sophisticated analytics as a way to increase the effectiveness, agility and flexibility of their operations, this transaction strengthens our growth trajectory," said Dorado Co-Founder and Chief Executive Officer Dain Ehring.