First American Acquires FAXXON Legal Information Services, Inc.
August 9, 2006
SANTA ANA, Calif.,-- The First American Corporation (NYSE: FAF), has acquired privately held FAXXON Legal Information Services, Inc., the leading UCC (Uniform Commercial Code) search and filing company in the Midwestern United States. Terms of the transaction, which closed June 30, 2006, were not disclosed.
The objective of First American’s UCC Division is to grow its businesses of UCC insurance, search, filing and other corporate services both through acquisition and the expansion of its customer base. The acquisition of FAXXON represents another important step toward the achievement of that ultimate goal.
“FAXXON will provide First American’s UCC Division with a strategic opportunity to increase its national marketing effort, establish an automated UCC filing system, acquire management talent in the UCC search and filing market and increase our existing client base,” said Clifford Morgan, senior vice president of underwriting and new product development for First American Title Insurance Company. “We are pleased to welcome Bill Stokes and the considerable technology expertise he brings to his new position at First American.”
Source: First American