Verisk Analytics, Inc. (Nasdaq:VRSK) announced it has signed a definitive agreement to sell its mortgage analytics business, Interthinx, to First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions to participants in real estate transactions, for a purchase price of $155 million in cash, subject to typical adjustments for, among other things, the working capital of the business. The transaction is subject to customary closing conditions, including receipt of certain regulatory reviews, and is expected to close by March 31, 2014.
“We are pleased to announce this transaction, which will allow us to focus on businesses most closely aligned with our strategy. We will continue to invest for the future both internally and via acquisition. The sale will enhance Verisk’s focus on proprietary data analytics in our key verticals,” said Scott Stephenson, CEO of Verisk Analytics.
“We are also happy that Interthinx will join a company that has demonstrated a long history of success in providing solutions to the mortgage industry. The transaction will ensure Interthinx has the opportunity to serve its customers and invest as needed in the years ahead, with a focus on the mortgage industry’s continued evolution. The Interthinx leadership team, headed by Jeff Moyer, has done an excellent job responding to changes in the mortgage market, and we wish them continued success as part of First American.”
Interthinx provides essential solutions to mitigate risk in the mortgage lending marketplace. Interthinx offers capabilities in mortgage fraud and verification, property valuation, compliance, quality control and loss mitigation that are used by the nation’s top financial institutions. Interthinx helps its clients minimize risk, increase operational efficiencies, satisfy regulator demands, manage data verification, and remain compliant. For more information, visitwww.interthinx.com or call 1-800-333-4510.
Source: Verisk Press Release