TORONTO, ONTARIO--(Marketwired - March 26, 2014) - Symbility Solutions Inc.® (TSX VENTURE:SY), provider of cloud-based and smartphone/tablet-enabled claims technology using the most comprehensive data for the property and casualty insurance industry, announced that CoreLogic® (NYSE:CLGX), a leading residential property information, analytics and services provider with a market capitalization of $2.7 billion, has completed its acquisition of Decision Insight Information Group's 29.4% indirect ownership of Symbility Solutions, contemporaneous with their purchase of Marshall & Swift/Boeckh (MSB) and DataQuick Information Systems.
Concurrent with the CoreLogic transaction will be the appointment of James L. Balas, Senior Vice President Finance and Controller of CoreLogic, to the Company's Board of Directors. In his role at CoreLogic, Mr. Balas is responsible for leading the accounting, tax, financial reporting, and SEC reporting functions for CoreLogic. Mr. Balas previously served as vice president and corporate controller at Ameron International, a leading manufacturer of highly engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets, where he led global financial reporting (internal and external) and analysis, forecasting, accounting and control activities at the corporate level. Prior to Ameron, Mr. Balas held senior finance positions at Keystone Automotive Industries, and served as chief financial officer at Solar Integrated Technologies.
"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," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. "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."
"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," commented James Swayze, CEO, Symbility Solutions. "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 announces that Nehal Raj of TPG Capital will resign from the Board of Directors. The management and board thank Mr. Raj for his service as a Director and wish him success in his future endeavors.
About Symbility Solutions Inc.
Symbility Solutions® (TSX VENTURE:SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.
All trade names are the property of their respective owners.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."