The First American Corporation Acquires MarketLinx Solutions™
—Premier Real Estate Listing Service Now Part of First American Residential Group—
September 2, 2003, 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 privately held MarketLinx Solutions, a Knoxville, Tenn.-based multiple listing service (MLS) technology provider. First American initially acquired a minority interest in MarketLinx in May 2002. The acquisition adds MarketLinx operations to First American Residential Group, Inc., a business line established in 2002 to address the technology and outsourcing needs of companies serving the residential real estate and relocation markets.
“MarketLinx is a true leader in the industry and an ideal addition to First American’s extensive menu of real estate-related services,” said Parker S. Kennedy, president of The First American Corporation. “We welcome the MarketLinx staff to First American and the opportunity this acquisition presents to further build relationships with real estate professionals.”
MarketLinx is the largest provider of Web-based MLS services and the fastest growing MLS vendor in the United States. Established in 1996, it currently serves more than 200,000 subscribers through various Realtor® boards throughout the nation. Unlike many of its competitors, which are attempting to transition from legacy systems to Internet-based systems, MarketLinx operates an entirely Web-based platform providing optimum flexibility and scalability.
“Technology and service are the key differentiating factors among the major MLS service providers,” said Doyal Hodge, president and chief executive officer of MarketLinx. “As part of First American, we look forward to expanding and fully integrating our products with other First American offerings to create a new level of service and efficiency for our customers.”
“A quality MLS service is an essential tool for every Realtor in America,” noted Stephen C. Roney, president and chief executive officer of First American Residential Group. “Increasing First American’s stake in a best-in-class MLS provider like MarketLinx presents a significant opportunity to expand our presence and introduce new products in the real estate community. In addition, the acquisition complements our transaction management platform offerings. We are currently working closely with MarketLinx to provide an integrated solution for Dallas-based NTREIS (North Texas Real Estate Information Systems, Inc.) as previously announced in July.”
The easy-to-use MarketLinx system includes marketing, productivity, financial and communications tools to assist real estate professionals in obtaining new listings, marketing properties for sale and searching available listings for prospective buyers. Direct connectivity to Realist®, a First American Real Estate Solutions system that accesses the world’s largest property characteristics database, further distinguishes MarketLinx from competing MLS services. First American currently provides public-record solutions to more than 250,000 Realtors.
About The First American Corporation
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation’s leading diversified provider of business information, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $4.70 billion in 2002, First American has nearly 25,000 employees in approximately 1,400 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
About MarketLinx Solutions
MarketLinx began operating as a privately held company in 1996. Having launched the country’s first successful stand-alone, browser-based system for a major Multiple Listing Service in 1997, MarketLinx has continued to grow by building on its experience as the developer of TEMPO™ software. MarketLinx’s TEMPO software is currently used by more major MLSs than any other browser-based software system. The company’s proven, complete and adaptable services are designed for real estate markets worldwide. More information on MarketLinx Solutions can be found at www.marketlinx.com.