The First American Corporation Acquires Offutt Systems, Inc.

—Increases First American’s Market Share and Growth OpportunitiesWithin the Multiple Listing Service Market—


August 7, 2006, SANTA ANA, Calif.

The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has acquired privately-held Offutt Systems, Inc. (OSI), a Greensboro, N.C.-based provider of multiple listing service (MLS) solutions. OSI will be operated through First American MLS Solutions, Inc., a division of First American Residential Group and the leading provider of MLS technology and support services to real estate professionals in North America. Terms of the transaction, which closed Aug. 1, 2006, were not disclosed.  

Established in 1971, OSI has grown to offer its services to more than 60 MLS organizations across the country.  Its core product, InnoVia, is a proven technology that is widely regarded as the best small- to medium-market MLS solution by many real estate professionals.  Recently Offutt has also been successful in securing business from larger MLS clients, further proving the strength of its platform.  The highly reliable and scalable technology has been favored for years by Realtor® boards and associations seeking a customized MLS solution that can be competitively priced within smaller boards while effectively competing for medium and large MLS clients.

“This acquisition extends our reach into a market segment we haven’t traditionally served through our TEMPOTM and MLXchange MLS products, and is consistent with our strategy of providing unparalleled choice for real estate professionals seeking integrated technology solutions in a highly fragmented market,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “OSI has been a successful and profitable operation for many years, and we intend to use First American’s extensive resources to further grow and enhance this business, while delivering high-quality products and the same attentive service that OSI’s loyal customers have come to know and expect.”

“First American is a perfect fit for us,” said OSI president Scott F. Quinn.  “We can now offer a much more innovative solution—integrated transaction management, association management and client management services—while still remaining cost-effective for our current and future customers.”

“As some consultants have noted, our strategy for integrating new companies and products has been very successful—our high scores in recent customer surveys by Clareity Consulting and the WAV Group are the best evidence of this,” said Bryan Foreman, president of First American MLS Solutions. “OSI customers can look forward to added valuable enhancements to their MLS system and even higher levels of customer service.”

First American will continue to run OSI operations under the direction of its current management team from the company’s main office location in Greensboro, N.C.

“For 35 years, we’ve provided the real estate industry with the technologies, services and solutions needed to succeed in an ever-changing market,” said Robert L. Offutt, chairman and founder of OSI.  “I’m tremendously proud of the business we’ve built and pleased to have found in First American a company equally committed to customer service, innovation and integrity.”

The addition of OSI, which serves approximately 80,000 users, increases the total number of real estate professionals now served by First American MLS technology to just over 600,000.

About Offutt Systems, Inc.
Offutt Systems, Inc. (OSI) was founded in 1971 and is headquartered in Greensboro, N.C.  For more than three decades, OSI has provided top-quality MLS services to associations of Realtors of various sizes all across the United States.  OSI offers the technologies, services and support expected from a long-time partner to the real estate industry.  Since its inception, OSI has been an innovator on many fronts in the industry.  The company strives to exceed its client’s expectations by providing powerful, yet flexible and reliable systems, customized to meet individual client needs.  For more information, visit: www.getoffutt.com.

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 North America; and Relocation Advantage and Certified Closing Network, leading providers of closing management services to relocation companies.  For more information, visit: www.residential.firstam.com.  

About 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.

 

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