Real estate information and analytics provider CoreLogic is divesting itself of its operations in India, and its 4,000 workers there will become employees of business process outsourcing firm Cognizant.
Cognizant is paying $50 million, plus adjustments to be determined at closing, for CoreLogic India, which maintains offices in Bangalore, Hyderabad and Mangalore.
Under the terms of the deal, which is expected to close in August, Cognizant will continue to provide services to CoreLogic through a five-year services agreement with a minimum revenue commitment of $324 million.
Together, the companies said they will provide end-to-end business process and analytics solutions for loan origination, escrow, title and closing services through secondary markets, loan administration and loan default management.
CoreLogic claims to have built the most comprehensive U.S. real estate, mortgage application, fraud and loan performance databases. The company’s public, contributory and proprietary data covers approximately 99 percent of U.S. residential real estate property records, 80 percent of mortgage applications, and 85 percent of mortgage loan servicing performance information.