DATA TRACE ACQUIRES MICHIGAN TAX RESEARCH FIRM
—Continues Geographic Expansion With Key Detroit-area Acquisition—
June 5, 2002, ANAHEIM, Calif.
Data Trace LLC, the nation’s largest provider of title plant services, today announced the acquisition of Tri County Tax Research, Inc., Detroit’s premier provider of property tax research and information, from its owners Thomas Doty, Douglas Kawka and Chad Muncy. Terms of the acquisition, which closed on May 31, 2002, were not disclosed.
“The acquisition of Tri County is another important step in our continued expansion of the Data Trace system,” said Michael T. Henney, Data Trace president. “The combination of this tax service with the existing title information databases that we already manage in the primary Detroit Metro counties of Wayne, Oakland and Macomb provides our customer base with a full service offering in this important market.”
Tax research services are complementary to title plant services, as both operations require similar infrastructure and marketing abilities. Data Trace has successfully demonstrated its ability to cross-sell these paired services to customers in other regions.
All three former Tri County principals will remain with the company, with Muncy appointed as general manager and reporting to Data Trace midwest regional vice president Donn Pugh. Tri County will continue to operate from its Livonia, Mich. headquarters. The company has definitive plans to expand its product offerings into other Michigan counties and surrounding markets.
Data Trace, a joint venture company owned by The First American Corporation (NYSE: FAF) and LandAmerica Financial Group (NYSE: LFG), provides technology that enables title insurance companies to connect regional title databases and access them using a standard software interface. The Data Trace system, the largest and most advanced of its kind, delivers title history information, property tax assessment and payment data, document images, and property profiles in major metropolitan areas across the United States. With coverage in 20 states, Data Trace’s title plant and tax database of nearly one billion records is the broadest and most comprehensive title information system available, and is used by every major title insurance underwriter in the U.S. For additional information, visit Data Trace's Web site at www.edatatrace.com.