The California-based industry research and analytics firm ""CoreLogic"":http://www.corelogic.com has entered into a definitive agreement to sell its India-based operations, CoreLogic Global Services Private Ltd., to ""Cognizant"":http://www.cognizant.com.
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Cognizant is an information technology, consulting, and outsourcing firm headquartered in New Jersey with a large presence in India already. The company says the acquisition will allow it to expand its portfolio of mortgage-related services for the financial industry.
[COLUMN_BREAK]The deal will net CoreLogic approximately $50 million in cash, plus adjustments for working capital. As part of the transaction, Cognizant will continue to provide services to CoreLogic, which has agreed to a minimum revenue commitment of $324 million over a five-year period.
Together, the companies expect to provide end-to-end business process and analytics solutions across the mortgage value chain, from loan origination, escrow, title, and closing services through secondary markets, loan administration, and loan default management.
The 4,000 associates of CoreLogic’s India operations will become employees of Cognizant at closing. They develop software products, analytical modeling, domain-centric back-office services, and technology support to CoreLogic and its customers, primarily in the U.S. mortgage and real estate markets.
CoreLogic Global Services Private Ltd was founded in 1994 and maintains offices in Bangalore, Hyderabad, and Mangalore.
According to a statement from the two companies, the transaction is expected to close in August of this year.