CoreLogic announced that it has completed the acquisition of Toronto-based insurance claims software vendor Symbility Solutions Inc. that was previously announced in October 2018, making Symbility an indirect wholly-owned subsidiary of CoreLogic.
Symbility creates insurance claims solutions software, including Symbility Property, a claims processing and estimating product, as well as cloud-based software and IoT products through Symbility Intersect (previously known as BNOTIONS, which was acquired by Symbility for $5 million in 2015). CoreLogic, based in California, provides property data to P&C insurers, and had been a data provider to and minority shareholder in Symbility for years.
At the time of the initial announcement, Symbility chairman and CEO James Swayze stated that “the combination of Symbility’s leading claims platform and development capabilities with CoreLogic’s unmatched property data and analytics is a natural evolution that will benefit our customers, employees and shareholders.”
All issued and outstanding common shares of Symbility (not already owned by the company or its affiliates) have been acquired by CoreLogic as part of the deal, at an aggregate value on a fully diluted basis of approximately $159.5 million CAD.