DATA TRACE ACQUIRES NEW JERSEY TAX RESEARCH FIRM
—Establishes Foundation for Northeast Operations—
July 1, 2002, ANAHEIM, Calif.
Data Trace LLC, the nation’s largest provider of title plant services, today announced the acquisition of Current Status, Inc., New Jersey’s largest provider of property tax research and information, from its owner Elizabeth Czernek. Terms of the acquisition, which closed on June 28, 2002, were not disclosed.
“The acquisition of Current Status is a very important strategic step in our continued expansion of the Data Trace system,” said Michael T. Henney, Data Trace president. “Current Status will provide our company with the proper foundation to establish a Northeast regional operation, which will enable us to complete our nationwide coverage of title and tax information databases.”
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 and has plans to develop historical title information databases within the major counties that Current Status services.
Amy Holder and Fred Burnett, who held senior officer positions with Current Status, will remain with the firm as co-presidents, reporting to Henney. The company will continue to operate from its Kenilworth, N.J. headquarters.
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 1 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.