JERSEY CITY, N.J., February 6, 2014 — Verisk Analytics, Inc. (Nasdaq:VRSK), a leading source of information about risk, today announced it has signed a definitive agreement to sell its mortgage analytics business, Interthinx, to First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions to participants in real estate transactions, for a purchase price of $155 million in cash, subject to typical adjustments for, among other things, the working capital of the business. The transaction is subject to customary closing conditions, including receipt of certain regulatory reviews, and is expected to close by March 31, 2014.
“We are pleased to announce this transaction, which will allow us to focus on businesses most closely aligned with our strategy. We will continue to invest for the future both internally and via acquisition. The sale will enhance Verisk’s focus on proprietary data analytics in our key verticals,” said Scott Stephenson, CEO of Verisk Analytics.
“We are also happy that Interthinx will join a company that has demonstrated a long history of success in providing solutions to the mortgage industry. The transaction will ensure Interthinx has the opportunity to serve its customers and invest as needed in the years ahead, with a focus on the mortgage industry’s continued evolution. The Interthinx leadership team, headed by Jeff Moyer, has done an excellent job responding to changes in the mortgage market, and we wish them continued success as part of First American.”
Verisk will make pro forma historical financial results available and will classify Interthinx as discontinued operations in its SEC filing for December 31, 2013.
Morgan Stanley is acting as financial advisor, and McCarter & English, LLP as legal advisor, to Verisk Analytics in connection with the transaction.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, financial services, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.
Interthinx provides essential solutions to mitigate risk in the mortgage lending marketplace. Interthinx offers capabilities in mortgage fraud and verification, property valuation, compliance, quality control and loss mitigation that are used by the nation’s top financial institutions. Interthinx helps its clients minimize risk, increase operational efficiencies, satisfy regulator demands, manage data verification, and remain compliant. For more information, visit www.interthinx.com or call 1-800-333-4510.
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Verisk Analytics, Inc.
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Verisk Analytics, Inc.