CoreLogic buys second Oklahoma technology companyPublished: Monday, April 16, 2018 By: Brian Brus Source: The Journal Record
A California-based property and financial data company has purchased its second technology business in Oklahoma.
CoreLogic Inc., which is publicly traded on the New York Stock Exchange as CLGX, completed its merger with a la mode LLC in Oklahoma City in a private transaction on Thursday. Oklahoma City-based a la mode CEO Jay Shafer said the deal is a means to further the local company’s goal of helping professional appraisers and the real estate industry.
A la mode provides subscription-based software to more than 40,000 appraisers nationwide. The company’s software solutions help in the aggregation of electronic images and other data in a format that’s compliant for federally recognized GSE, or government-sponsored enterprise.
“A la mode is just one those strategic pieces to the puzzle that gives CoreLogic an end-to-end solution,” Shafer said.
CoreLogic bought Oklahoma City-based Mercury Network from Serent Capital last year. In that merger, CoreLogic was attracted to Mercury Network because of its software, which is used by more than 800 small and medium-sized mortgage lenders and appraisal management companies to manage collateral valuation operations.
At the time the Mercury Network deal was announced, CoreLogic President Frank Martell said the company would continue to operate out of Oklahoma. The same was announced for a la mode this month.
Shafer said the company will continue to hold its a la mode name brand for market recognition while merging business operations and workflow with CoreLogic. He said he is already looking for more local staff members.
"I see it not only for employees here at a la mode, but now they can stay here in the Oklahoma office and be able to work for a much bigger organization,” Shafer said.
Oklahoma City will now be one of the parent company’s largest corporate centers. CoreLogic spokeswoman Alyson Austin said the company has offices in Dallas as well as in Australia, New Zealand and the U.K. CoreLogic’s combined database from public and proprietary sources includes more than 4.5 billion records over 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information.
A la mode, launched in 1985, is a former Journal Record Innovator of the Year Award recipient.
CoreLogic stock closed down 1.2 percent at $44.42 by the end of the business day Friday. The company’s high stock price was just above $49 in October.