Symbility Solutions (TSX-V:SY, StockForum), a Toronto-based provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, announced today that CoreLogic (NYSE:CLGX, StockForum), a leading residential property information, analytics and services provider, has completed its acquisition of Decision Insight Information Group's 29.4% indirect ownership of Symbility Solutions.
According to the news release, the transaction was concurrent with CoreLogic's purchase of Marshall & Swift/Boeckh (“MSB”) and DataQuick Information Systems.
Symbility also announced the appointment of James L. Balas, Senior Vice President Finance and Controller of CoreLogic, to its Board of Directors in relation to the transaction.
CoreLogic president and CEO, Anand Nallathambi, commented, “The acquisition of Marshall & Swift/Boeckh significantly expands CoreLogic's footprint in property and casualty insurance and adds additional scale to our existing property data and analytics businesses.”
He went on to explain “We believe the combination of CoreLogic and MSB, together with MSB's Symbility Solutions relationship, should yield significant future growth opportunities through the introduction of new products, services and workflow tools which leverage unique and unmatched data assets and analytical capabilities.”
James Swayze, Symbility CEO, added, “We are pleased to welcome Mr. Balas to Symbility's Board of Directors. His substantial industry knowledge and experience will surely benefit Symbility and we look forward to his contributions in the near future.”
Then he concluded, “With CoreLogic as a new strategic partner, Symbility is well positioned to offer our insurance industry customers a wealth of additional data and analytics capabilities.”
Symbility Solutions was in the news recently when the company hosted an investor conference call yesterday.
Shares gained 10.45% on the news to $0.37 per share.
Currently there are 209.0m outstanding shares with a market cap of $77.3 million.