First American Acquires Harvard Design and Mapping Company, Inc.
March 23, 2006
DALLAS, /PRNewswire-FirstCall/ -- First American Real Estate Information Services, Inc., a subsidiary of The First American Corporation (NYSE: FAF), has acquired Harvard Design and Mapping Company, Inc. (HDM), a leading provider of Geographic Information Systems (GIS) technology to businesses and governments worldwide. Terms of the acquisition, which closed March 1, 2006, were not disclosed.
"HDM will strengthen our ability to use GIS technology solutions to help our clients effectively handle their flood risk and data management needs," said Barry M. Sando, president of The First American Corporation's Mortgage Information and Services Group. "The combination of First American's superior data and analytics and HDM's high quality GIS software, technology and services will provide both companies' clients with an outstanding array of benefits."
GIS technology includes computer platforms that are capable of assembling, storing, manipulating and displaying geographically referenced information. GIS helps governments and businesses make better decisions and solve problems by understanding past, present and future scenarios, and are especially useful in land-use planning decisions.
The combination of HDM's InsMap(TM) natural hazard analysis and portfolio monitoring product with First American's flood risk products will create a comprehensive picture of any property's risk exposure in real-time and integrated with sophisticated GIS-based models. HDM's founders, Kija Kim and James Aylward, as well as chief technology officer Dr. Wei Du and senior vice president David Chadwick, will remain with the company.
"We look forward to working within the First American family of companies to provide enhanced products and services to our combined client base," said Kim. "Working within the largest real estate data company in the world gives HDM a great advantage in providing superior products and services to existing and new clients in government and industry."
Source: The First American Corporation