The First American Corporation Acquires Interealty
|October 3, 2005|
SANTA ANA, Calif.m, -- The First American Corporation (NYSE: FAF) has acquired Interealty, a division of Geac® Enterprise Solutions, Inc. (TSX: GAC, NASDAQ: GEAC) and a provider of Web-based multiple listing service (MLS) technology, for $35 million in cash. The transaction closed Oct. 1, 2005.
“The addition of Interealty is another step toward First American’s strategy of providing real estate professionals, buyers, sellers and borrowers with a comprehensive and convenient system that reduces the cost and time associated with residential real estate transactions,” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “We will provide the most streamlined delivery of MLS data, property characteristic information and transaction management solutions, all of which are integrated with each other and connected to our title insurance production and closing/settlement systems. Customers who choose to take advantage of this unprecedented end-to-end connectivity will experience a unified flow of information and documentation and have opportunity to select our multiproduct bundles, which include all of the services necessary to close a real estate transaction for a single price.”
Interealty offers a full line of technology products and support services to the real estate industry in the United States and Canada, including MLS organizations, associations, franchisors and agents. Interealty, which now joins First American as a subsidiary of First American Residential Group, Inc., has established a strong market position through the success of its core product, MLXchange. First American Residential Group is already the leading Web-based MLS technology provider through its MarketLinx subsidiary, which provides MLS services to more than 300,000 clients. With the addition of Interealty’s more than 185,000 members, First American will now provide services to nearly half a million real estate professionals throughout North America.
“Interealty’s management team has done a remarkable job in shaping its business model over the past few years,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “While customers will see no change in the high quality of service and dedication to technology upon which they have come to rely, they will gain the opportunity to benefit from a fully integrated service experience.”
Interealty’s service teams will continue to operate their existing technology systems from the company’s main office locations in Vienna, Va., Fort Lauderdale, Fla., Atlanta, Ga., and Vancouver, Canada, under the direction of the company’s existing management team, led by Bryan Foreman, who currently serves as president and will report directly to Roney. MarketLinx will continue to service its clients under the direction of president Thad N. Shows, from its current Knoxville, Tenn. location.
Source: The First American Corporation