First American Acquires Lucero Research Corporation
—Lucero Summit to Interface with First American’s Real Estate Platform and Further Expand Broker Technology Offering—
December 19, 2006, SANTA ANA, Calif.
First American Residential Group, a member of The First American Corporation (NYSE: FAF) family of companies, today announced the acquisition of Lucero Research Corporation, a leading provider of residential real estate office management software systems. Terms of the transaction were not disclosed.
“Real estate brokers are looking for an enterprise technology platform that provides them with all of the key functions needed to seamlessly manage their business,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “First American’s strategy is centered on the development of a complete, online real estate platform that provides an integrated set of components to perform functions that are important to real estate professionals. The acquisition of Lucero further enhances First American’s strategy and provides brokers with a best-of breed management solution that cannot be found elsewhere.”
Lucero has established a strong market position through the success of its core product, Lucero Summit. Lucero Summit is used by more than 3,500 companies in nearly 6,000 office locations in North America, Central America, Europe and
“Our team has done a remarkable job in developing a broker management software system that will easily integrate with First American’s Realtor®-focused technology platforms,” said Howard Jones, founder of Lucero Research and creator of Lucero Summit software. “As part of First American, we can provide an even more complete and compelling product and service solution to our customers while broadening our ability to integrate with MLS (multiple listing service) systems and other residential real estate technology systems.”
First American and Lucero have been in a strategic marketing alliance since May 2006. Jones will assist with the transition of Lucero’s technology and the company will continue its operations as a division of First American Residential Group.
About Lucero Research
Lucero Research was founded in
About The First American Residential Group
First American Residential Group is a subsidiary business line established by The First American Corporation in 2002 to address the real estate brokerage and MLS segments with the full array of First American capabilities. Its systems streamline real estate listing, financing and closing processes, resulting in increased efficiency and profitability. First American Residential Group operating units include First American MLS Solutions, the nation’s leading provider of MLS systems and real estate software in North America; and Sonic Eagle and its flagship AgentAchieve™ software suite, offering broker business management, agent productivity tools, lead management, and MLS data aggregation. For more information, visit: www.residential.firstam.com.