The First American Corporation Acquires Interealty
—More Than 480,000 Real Estate Professionals Now Served by First American’s Multiple Listing Service Technology—
October 3, 2005, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s largest data provider, today announced that it has acquired Interealty, a division of Geac® Enterprise Solutions, Inc. (TSX: GAC, NASDAQ: GEAC) and a provider of Web-based multiple listing service (MLS) technology, for $35 million in cash. The transaction closed Oct. 1, 2005.
“The addition of Interealty is another step toward First American’s strategy of providing real estate professionals, buyers, sellers and borrowers with a comprehensive and convenient system that reduces the cost and time associated with residential real estate transactions,” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “We will provide the most streamlined delivery of MLS data, property characteristic information and transaction management solutions, all of which are integrated with each other and connected to our title insurance production and closing/settlement systems. Customers who choose to take advantage of this unprecedented end-to-end connectivity will experience a unified flow of information and documentation and have opportunity to select our multiproduct bundles, which include all of the services necessary to close a real estate transaction for a single price.”
Interealty offers a full line of technology products and support services to the real estate industry in the
“Interealty’s management team has done a remarkable job in shaping its business model over the past few years,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “While customers will see no change in the high quality of service and dedication to technology upon which they have come to rely, they will gain the opportunity to benefit from a fully integrated service experience.”
Interealty’s service teams will continue to operate their existing technology systems from the company’s main office locations in
“We are delighted to join the First American team, and are excited to be part of an organization that is strategically aligned within our marketplace,” said Foreman. “Our commitment to customer service and product innovation, combined with First American’s financial strength and extensive resources, will enable us to continue to grow our business.”
In 2002, First American established First American Residential Group to combine the full spectrum of the company’s capabilities in addressing the need for enterprise product and technology solutions in the real estate brokerage, MLS and relocation market segments. The addition of Interealty will give First American an expanded array of products and services to include in its customizable, Web-based solutions for MLSs and associations.
Interealty, a division of Geac, is a premier provider of MLS systems and real estate software in
About Geac Enterprise Solutions
Geac (TSX: GAC, NASDAQ: GEAC) is a global enterprise software company that addresses the needs of the chief financial officer. Geac’s best-in-class technology products and services help organizations do more with less in an increasingly competitive environment, amidst growing regulatory pressure, and in response to other business issues confronting the CFO. Further information is available at www.geac.com or through e-mail at email@example.com.
About The First American Corporation
The First American Corporation (NYSE: FAF), a Fortune 500 company that traces its history to 1889, is the nation’s largest data provider. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.72 billion in 2004, First American has approximately 2,000 offices throughout the