THE FIRST AMERICAN CORPORATION ACQUIRES INTEREST IN IRVINE TECHNOLOGY CORPORATION
January 29, 2002, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s leading, diversified provider of business information and related products and services, today announced that it has acquired a one-third ownership interest in Irvine Technology Corporation (ITC), a Southern California-based software development and network services company. The terms of the transaction, which closed Dec. 31, 2001, were not disclosed.
“Irvine Technology Company has been instrumental in the successful development of our title company’s core technology. They’ve done an outstanding job,” said John M. Hollenbeck, executive vice president overseeing technology at First American. “Through this ownership interest in Irvine Technology Corporation, we are further strengthening our ability to develop applications that meet the needs of both First American and our clients.”
ITC is led by a core team of computer-industry veterans assembled over the past 15 years. During the past few years, ITC has worked closely with First American to develop the FAST Transaction System, a fully integrated, enterprise-wide, browser-based production system currently being used to automate and centralize the production of title and escrow settlement products and services. More than 30,000 transactions are processed by the FAST Transaction System each month. This number continues to grow as First American executes its strategy to implement the system in all of its offices during 2002.
“We welcome this opportunity to work with The First American Corporation as it continues to strengthen its position as the nation’s premier provider of business information,” said Mike Rose, senior partner at Irvine Technology Corporation. “This investment demonstrates the commitment of both companies to fine-tune existing technologies and to develop new products that provide the solutions and efficiencies customers demand.”
Tracing its history to 1889, The First American Corporation (NYSE: FAF) is the nation’s leading, diversified provider of business information and related products and services. The corporation’s three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting; resident screening; pre-employment screening; automobile title administration; property and automotive and insurance tracking services; property and casualty insurance; home warranties, investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.