March 15, 2011 – Business analytics provider CoreLogic announced its $32 million, all-cash purchase of Dorado Network Systems Corporation, which provides cloud computing applications and architecture to the mortgage lending sector.
Dorado provides on-demand enterprise solutions and data workflows for automated loan handling, and external cloud service integration for lenders, their partners and consumers.
CoreLogic stated in a news release that it would operate the cloud provider as CoreLogic Dorado and extend virtualization capabilities to its clients in business and government property financial information. CoreLogic said it plans to integrate Dorado cloud-based technology into CoreLogic’s financial analytics and decision management applications. CoreLogic also plans to deploy the technology to its outsourcing operations.
CoreLogic president and CEO Anand Nallathambi said in a news release that the deal is in part a reflection of demands for greater efficiency and transparency on the mortgage industry.
“The Dorado platform will help shape our next generation decision management applications into solutions that ensure integrity and quality throughout the entire lifespan of a loan,” said Nallathambi.
Dick Csaplar, Aberdeen senior research analyst in storage and virtualization, says the cloud acquisition enables CoreLogic the opportunity to offer financial and analytics capabilities to more than just enterprise-level customers.
“It sounds like, for CoreLogic … in buying Dorado, they can basically make it a cloud offering and open up a services approach to their core value,” Csaplar says. “This follows a well-worn path and a business-proven process that more software providers are moving through.”
CoreLogic announced that the deal has been completed. It had previously held a 38-percent equity interest in Dorado.
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