LandAmerica and Indecomm Joint Venture to Form Intelligent Document Processing Company Lydian Solutions and Services
April 27, 2006
RICHMOND, Va. and ISELIN, N.J., /PRNewswire/ -- LandAmerica Financial Group, Inc. (NYSE: LFG) and Indecomm Global Services,have formed a joint venturebetween the two companies called Lydian Solutions and Services.
The new firm is an Intelligent Document Hub (IDH) serving the mortgage, remittance processing, financial services, and healthcare industries. It will be located in Louisville, Kentucky.
Currently, the LandAmerica Agency Services Center in Louisville meets the document processing needs of LandAmerica's extensive network of 10,000 title insurance agents. Lydian will eventually manage this function while also providing such services to clients in other industries.
The IDH is a unique concept that integrates the ability to handle complex business documents, convert them into a digital format, and manage them using a proprietary onshore-offshore processing model. The result is a turnkey business process solution for clients seeking to outsource document-based processes and lower costs by converting fixed costs into a variable cost structure.
LandAmerica President and CEO Theodore L. Chandler, Jr. stated, "The formation of Lydian enables our company to apply standardization and the benefits of an offshore operation to non-client facing services, while strongly differentiating LandAmerica through a customer-focused solution to processing complex documents. This creative solution is consistent with our forward-thinking approach to growing our business."
Naresh Ponnapa, President and CEO of Indecomm, confirms that "Lydian is yet another exciting development that ties in with Indecomm's inorganic growth strategy. LandAmerica will benefit by achieving the scale, increased quality, lower costs, and growth opportunities it seeks, while Indecomm will gain the ability to market our expertise in document management, workflow technologies, and related business process services to other clients in the financial services and healthcare industries."
LandAmerica will eventually use Lydian to streamline document management in other areas of the company. Lydian will have the ability to handle large volumes of physical and electronic documents for a variety of clients and create customized solutions for their specific needs.
SOURCE LandAmerica Financial Group, Inc.