First American Acquires Sonic Eagle, Inc.
—All-in-One Brokerage Management Software Solution Provides Key Functions to Expand First American’s Residential Real Estate Technology Strategy—
June 5, 2006, SANTA ANA, Calif.
First American Residential Group, a member of The First American Corporation (NYSE: FAF) family of companies, today announced that it has acquired privately held Sonic Eagle, Inc., a California-based provider of enterprise broker and real estate agent productivity technology. Terms of the transaction, which closed May 23, 2006, were not disclosed.
“Real estate brokers seeking an enterprise technology platform have very few options in today’s industry due to the lack of integrated, Internet-based solutions,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “The acquisition of Sonic Eagle enhances our Realtor®-focused technology platform with key functions that allow us to provide a complete business management solution to brokers that cannot be found elsewhere. This will help further position First American as the technology provider of choice for broker customers who desire an end-to-end solution that seamlessly integrates all of the most popular real estate technologies under a single sign-on application.”
Sonic Eagle, which joins First American as a subsidiary of First American Residential Group, Inc., has established a strong market position through its flagship product AgentAchieve™. AgentAchieve is a Web-based software solution that provides best-in-class broker business management and agent productivity tools. The core functions of the system include customer relationship management (CRM) tools, messaging and lead management, internal and external broker and agent Web sites, template-driven marketing, multiple listing service (MLS) data access, and integrated eCommerce tools. First American will incorporate AgentAchieve into its existing offerings to form a complete, enterprise technology solution for real estate professionals.
“First American’s technology 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 brokers and agents,” said Roney. “Sonic Eagle’s platform pulls together these functions so that data can be shared and users of the system will have a productive and positive experience, increasing the effectiveness of those involved in the residential real estate transaction.”
Sonic Eagle' will continue to operate from the company’s headquarters located in Pleasant Hill, Calif., under the direction of the company’s current management team led by Harper Thorpe, who currently serves as president and chief executive officer. Thorpe will report directly to Roney.
“Broker customers are seeking a technology provider who is also a strategic partner, and can scale the performance of its software and services as the broker grows or new technologies become available,” said Thorpe. “This acquisition creates exciting opportunities for us to take this technology to the next level, providing an even more complete and compelling product and service solution to our customers.”
About Sonic Eagle
Sonic Eagle, Inc. was founded in May 2002 by one of the real estate industry’s most visionary development teams. Realizing the fragmentation of services available to brokers, Sonic Eagle set out to build one simple platform, enabling true multi-tasking capabilities and a richer computing experience for real estate professionals. Through the “appropriate” application of technology, our solutions differentiate our broker customers in the eyes of agents, and our agent customers in the eyes of the consumer. For more information, please visit www.soniceagle.com or call (800) 356-2557.
About 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, multiple listing service (MLS) and relocation market 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