<p>The purchase price will consist of cash payment of approximately $50 million (about Rs 240 crore), plus adjustments for working capital and other charges or credits which will be determined at closing.<br /><br />As part of the transaction, CoreLogic and Cognizant will enter into a services agreement with a minimum revenue commitment of $324 million, plus applicable inflation adjustments, over five years with various renewal and extension rights, under which Cognizant will provide a range of services to CoreLogic globally.<br /><br />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. <br /><br />Domain-centric <br />CoreLogic India, whose approximately 4,000 associates will become employees of Cognizant at closing, provides capabilities in software product development, analytical modeling, domain-centric back-office services, and technology support to CoreLogic and its customers, primarily in the US mortgage and real estate markets.<br /><br />CoreLogic India, founded in 1994, maintains offices in Bangalore, Hyderabad, and Mangalore. <br />Of the 4,000 employees about 2,000 are in Bangalore,1,200 in Hyderabad and about 800 in Mangalore.<br /><br />“The acquisition will help us exploit the IT and BPO synergy for next generation solutions,” said Cognizant President and MD Global Delivery R Chandrasekaran. <br /><br />“Combining CoreLogic’s domain-centric back-office services, software product development, and analytical modeling with Cognizant’s domain-aligned technology and business process expertise, helps create greater value for Cognizant’s existing financial services clients and enables the company to bring sophisticated analytics and next-generation business process solutions to market.”<br /><br />Added Cognizant President and Chief Executive Officer (CEO) Francisco D’Souza, “This acquisition continues our long-standing strategy of acquiring for capabilities, and the strategic relationship with CoreLogic enables us to better serve the rapidly evolving mortgage industry globally.”<br /></p>
<p>The purchase price will consist of cash payment of approximately $50 million (about Rs 240 crore), plus adjustments for working capital and other charges or credits which will be determined at closing.<br /><br />As part of the transaction, CoreLogic and Cognizant will enter into a services agreement with a minimum revenue commitment of $324 million, plus applicable inflation adjustments, over five years with various renewal and extension rights, under which Cognizant will provide a range of services to CoreLogic globally.<br /><br />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. <br /><br />Domain-centric <br />CoreLogic India, whose approximately 4,000 associates will become employees of Cognizant at closing, provides capabilities in software product development, analytical modeling, domain-centric back-office services, and technology support to CoreLogic and its customers, primarily in the US mortgage and real estate markets.<br /><br />CoreLogic India, founded in 1994, maintains offices in Bangalore, Hyderabad, and Mangalore. <br />Of the 4,000 employees about 2,000 are in Bangalore,1,200 in Hyderabad and about 800 in Mangalore.<br /><br />“The acquisition will help us exploit the IT and BPO synergy for next generation solutions,” said Cognizant President and MD Global Delivery R Chandrasekaran. <br /><br />“Combining CoreLogic’s domain-centric back-office services, software product development, and analytical modeling with Cognizant’s domain-aligned technology and business process expertise, helps create greater value for Cognizant’s existing financial services clients and enables the company to bring sophisticated analytics and next-generation business process solutions to market.”<br /><br />Added Cognizant President and Chief Executive Officer (CEO) Francisco D’Souza, “This acquisition continues our long-standing strategy of acquiring for capabilities, and the strategic relationship with CoreLogic enables us to better serve the rapidly evolving mortgage industry globally.”<br /></p>
