Stewart Acquires First Data Systems and Cumberland Title Co.
|November 25, 2002|
HOUSTON, /PRNewswire-FirstCall/ -- Stewart Title Co. has acquired First Data Systems, Inc. and Cumberland Title Co. of Nashville, Tenn.
First Data Systems (FDS) is a software developer and national distributor of technology products to the title and settlement services industry.
"Stewart has a long-term relationship with First Data -- the company is the largest distributor of our AIM for Windows title production software," said Stewart Morris, Jr., president, Stewart Title Co., and president and co- chief executive officer, Stewart Information Services Corp. "First Data's experience of delivering technology solutions to a nationwide customer base will greatly add to our technology team, and will enhance Stewart's mission to enhance the real estate transaction process."
"The FDS acquisition allows both Stewart and First Data to serve complimentary channels of business through the well-known FDS brand," said Tom Sagehorn, Stewart Title Co. group president. "Business will be supported by the same great FDS associates and resources and the company will continue to be based in Nashville. Pat Vaden will remain as president and Molly Dillingham as senior vice president. This acquisition bolsters the combined capabilities of both FDS and Stewart to offer industry-leading technology through diverse, separate channels of business."
"We are thrilled about becoming an affiliate of the Stewart organization," said Patrick L. Vaden, president, First Data Systems. "Our vision has always reflected the importance of creating lifetime relationships with our customers. That vision meshes perfectly with Stewart's vision to use technology to increase productivity, reduce costs and provide excellent customer service."
Cumberland Title Co. is one of the oldest and largest real estate closing operations in the state, providing title insurance, escrow, closing and real estate information for more than 30 years, through seven office locations in middle Tennessee.
"This acquisition now gives us the ability to further customize and hone our services supporting the needs of the Stewart family of issuing agents in Tennessee," said Bud Whisler, senior vice president of Region G South, Stewart Title Guaranty Co. "We intend to take advantage of the opportunity presented to develop products and services that are uniquely designed for Tennessee, and available for use by all Stewart agents."
"Cumberland Title's ability to deliver quality title and closing services to its customers will be strengthened with this transition," said Vaden, president of Cumberland Title. "We will look like and remain as the same company. The addition of Stewart technology products -- in particular, its SureClose transaction management platform -- will enhance the services we provide to our customers."
Source: Stewart Information Services Corp.