—Extends Information Services and Analytics to the Real Estate, Direct Marketing and Mortgage Banking Sectors in the Pacific Region—
August 16, 2006, SANTA ANA, Calif.
First American Real Estate Solutions (RES®), the nation’s largest provider of advanced property and ownership information and a member of The First American Corporation (NYSE: FAF) family of companies, today announced that it has entered into a strategic alliance with, and purchased a 38-percent interest in, privately held RP Data Limited, the leading provider of property information for Australia and New Zealand. The contribution of rights to intellectual property and cash by First American RES will facilitate RP Data’s expansion in the Asia Pacific region.
“We are leveraging our assets and operations to expand globally,” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “First American has had considerable success adapting title insurance and related service offerings to overseas markets, and we anticipate similar success in providing our property data and analytics expertise in international markets.”
Headquartered in Brisbane, Australia, RP Data will serve as the base for First American RES’ expansion into Australia, New Zealand and Southeast Asia. First American RES’ products and services will be integrated into RP Data’s existing operations through a licensing agreement for First American RES’ intellectual property, platforms and technologies, including First American RES’ patent-pending automated valuation and collateral risk solutions.
“We are excited about this opportunity to leverage First American’s software and product suite, and the new working capital made available to facilitate our business expansion,” said Graham Mirabito, chief executive officer of RP Data. “Customers of both companies will have the additional benefit of access to a vastly expanded database, which will include property information for all territories covered by both First American and RP Data.”
Other shareholders of RP Data include the company’s founder, Ray Catelan, and Macquarie Bank, Australia’s leading investment bank.
“Through this relationship, RP Data will be among the first companies to introduce automated valuation models (AVMs) in Australia and New Zealand,” said George Livermore, president of The First American Corporation’s Property Information and Services Group. “The combination of market-leading real estate data from RP Data and proven, world-class valuation models from First American RES will allow us to better serve the evolving needs of real estate and mortgage finance customers in this region.”
As part of the alliance, First American will hold two of the five seats on RP Data’s board of directors.
The First American Corporation has operated in Australia since 1996 when it established First American Title Insurance Company of Australia Pty Limited. Conducting business under the name First Title, the company is the predominant provider of title insurance and related services in Australia and New Zealand.
About RP Data
Founded in 1991, RP Data is the leading provider of property information services to the real estate industry in Australia and New Zealand covering 98 percent of all property transactions. RP Data provides services to more than 8,000 customers including real estate agents, property developers, valuers and appraisers, mortgage brokers, financial planners, consumers and government agencies. Each month, RP Data’s customers perform over 3 million property searches and generate over 30,000 property reports using the company’s extensive property databases which contain over 50 million records on property ownership, sales history, detailed property attributes, photos, aerials and digital maps. RP Data provides the latest and most thorough property information online and is essential to the research, marketing, decision-making and transacting activities of its customers. More information about RP Data can be found on the Internet at www.rpdata.com.au.
About First American RES
First American RES, a member of The First American Family of Companies, is America’s largest provider of advanced property and ownership information, analytics and services. First American RES’ database covers more than 2,800 counties representing 98 percent of the United States population. With more than 600,000 users nationwide, First American RES products are used by companies to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, measure the value of residential and commercial properties, identify real estate trends and neighborhood characteristics, track market performance and increase market share. First American RES is a joint-venture company 80-percent-owned by The First American Corporation and 20-percent-owned by Experian. More information about First American RES can be found on the Internet at www.firstamres.com.
About The First American Corporation
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. 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 five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, and Risk Mitigation and Business Solutions—a new segment that the company formed in 2005 by combining its Credit Information and Screening Information segments. With revenues of $8.1 billion in 2005, First American has approximately 2,100 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.