FNC INC. being bought for $475M
CoreLogic a leading global property information, analytics and data-enabled services provider, today announced the company has entered into a definitive agreement to acquire FNC, Inc, a leading provider of real estate collateral information technology and solutions that automate property appraisal ordering, tracking, documentation and review for lender compliance with government regulations.
The purchase price is $475 million, according to a press release.
The transaction is expected to close during the first quarter of 2016 and is subject to customary closing conditions including regulatory clearance. The transaction will be funded using cash on hand and debt.
FNC Inc., was founded in the mid- mid-1990s by former University of Mississippi professors and mortgage industry experts Bill Rayburn and Dennis Tosh. Rayburn and Tosh subsequently collaborated with fellow professors Bob Dorsey and John D. Johnson as well as Ole Miss Ph.D. student Duncan Chen to develop the real estate collateral management software that would eventually become the firm’s flagship product, the Collateral Management System, or CMS.
In 2012, the firm made The FinTech 100, a ranking of fastest-growing tech companies in the world.
It’s not immediately known what the buy-out means as far as FNC’s campus here in Oxford; however, the company has been working on a new 68,000-square foot complex on 20-25 acres of land that would allow for future growth.
Read the Oxford EAGLE Friday for the complete, updated story.