The First American Corporation (NYSE: FAF), the largest provider of business information in the United States and the leading provider of title insurance services internationally, today announced that it has acquired UKValuation, Ltd., Countrywide Financial Corporation’s (CFC) UK-based automated valuation model (AVM) business headquartered in Dartford, Kent, England. Under the terms of the agreement, UKValuation’s staff, clients, technology and other assets will be transferred to The First American Corporation.
“This investment furthers our global strategy by enabling us to deploy our extensive analytics capabilities and technology infrastructure to bring new collateral risk solutions to the UK,” said George Livermore, president of The First American Corporation’s Property Information and Services Group. “UKValuation has been an innovative force in the AVM market, and we look forward to continuing to build on that track record to enhance the value of our services for our clients.”
First American has operated in the United Kingdom for more than 20 years through First Title, plc., a wholly owned subsidiary providing title insurance and related services in the UK. As a result of this acquisition, First Title’s scope of operations will be expanded to include local market support for the UKValuation business.
“CFC International is committed to working closely with First American to ensure a smooth transition for all customers and employees,” said Tom Jones, managing director, Global Markets, CFC International. “First American’s expertise and commitment to the AVM market will be of great benefit to UKValuation customers.”
UKValuation was incorporated in 2001 and provides valuations to nearly 50 percent of UK lenders that use AVMs.
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is the largest data provider in the United States. 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. With revenues of $8.1 billion (US) 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.