First American Financial acquires national pre-employment screening company CIC, Inc.
September 1, 1998, SANTA ANA, CALIFORNIA
CIC, Inc. will play an integral role in advancing First American's consumer and business risk management strategies by providing its comprehensive background check services to clients nationwide as a new division within the First American family of companies. Terms of the stock purchase agreement were not disclosed.
"The addition of CIC, Inc. provides the opportunity to further expand First American's financial strength and corporate innovation to the business markets," said John Long, president of First American Real Estate Information Services, Inc. "This acquisition continues First American's planned expansion into less cyclical markets by forming alliances with leaders in complementary industries. CIC has an outstanding national reputation as a leader in the pre-employment screening industry. That reputation and CIC's dedication to corporate excellence made the company a particularly attractive addition to the First American family."
CIC, Inc., based in Largo, Florida, was established in 1988 to provide pre-employment screening services to employers. The company now offers a comprehensive menu of background screening options including criminal records searches, credit checks, driving records, past employment verification, drug testing and social security number validation. Additionally, the company's innovative HireCheck software allows computer point and click ease to ordering, reviewing and managing background checks on potential employees.
"We have built CIC on the basis that we provide more comprehensive and quality controlled background checks than exists in the market," said Bruce Berg, who will continue his role as division president of CIC. "In addition to allowing clients to select the specific background information they need, CIC has established a nationwide network of criminal court researchers to ensure fast response and control of the accuracy of the information provided. This speed and accuracy, coupled with our award-winning software, outstanding technical support and dedicated employees, have been the basis for our tremendous growth."
The First American Financial Corporation (NYSE:FAF) is the nation's leading provider of real estate-related financial and information services. Through its wholly owned subsidiary, First American Real Estate Information Services, Inc., it provides a variety of services to leading financial institutions nationwide, including credit reporting, flood compliance, appraisal services, mortgage loan origination and servicing systems, real estate tax reporting, certification, and outsourcing, document preparation services, property reporting and valuation, loss mitigation and default management solutions. The Information Services group has its headquarters in St. Petersburg, Florida. Through other subsidiaries, First American Financial, founded in 1889 and based in Santa Ana, California, has more than 15,000 employees in over 400 branch offices in the United States and abroad. Information about the company's subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.