Fidelity National Financial and Tyler Technologies Form New B2B E-Commerce Enterprise
April 6, 2000
IRVINE, Calif., and DALLAS, April 6 /PRNewswire/ via NewsEdge Corporation -
Fidelity National Financial, Inc. (NYSE: FNF) and Tyler Technologies, Inc. (NYSE: TYL) have agreed to form a national data and information company known as NationsData.com. The new company will be a national transaction-based business to business Internet portal offering proprietary real property data, information and services.
By leveraging proprietary databases that have been developed through Fidelity's title insurance business (including the recently acquired Chicago Title business) and Tyler's land records business, NationsData.com's objective will be to offer via the Internet the largest, most comprehensive real property database for business-to-business E-commerce transactions.
NationsData will have first year annual revenue of approximately $200 million. FNF and Tyler Technologies will each contribute selected operating assets, information technology, data, and title plant assets to the venture.
Under the terms of the agreement, FNF will contribute its property appraisal, tax, credit and flood businesses and certain of its recently acquired Security Union' title plant data and title plant management agreements to NationsData. Tyler will contribute its existing NationsData.com business unit, including its web portal and supporting infrastructure, its title plant management entities, its county recorder data automation business and certain related software and technology assets/entities to the new company.
It is anticipated that each company will receive 50% of NationsData pending the final terms and conditions of a definitive agreement. Additionally, it is contemplated each company would receive certain additional consideration and Fidelity would acquire ten percent of Tyler's fully diluted outstanding common stock on terms to be agreed upon.
The transaction is subject to, among other things, certain regulatory approvals and consents from both companies' banking syndicates, satisfactory completion of due diligence by both parties and the execution of definitive agreements.
NationsData will initially consolidate Fidelity's and Tyler's initiatives to acquire, assemble and deliver real estate information on line in a real time environment. William P. Foley, II, Chairman and CEO of Fidelity National Financial and who will be Co-Chairman of NationsData.com stated, "The formation of NationsData is a significant step in our plan to efficiently utilize and leverage our extensive title plant assets and databases." Foley continued, "As the world's largest provider of title and real estate related products and services, our databases and information assets are enormous. Our ultimate goal is to expand NationsData's business model and its delivery of real estate products and services throughout the top 100 standard metropolitan statistical areas of the U.S., which encompass approximately 50% of our national population."
NationsData's products and services will include title plant management services, the automation and resale of data submitted to county recorder offices including, land records, flood determination, tax services, real estate market intelligence, mortgage tax information, property appraisals, title plant services, second lien title information and other information associated with real property. Customers will be able to order, monitor, receive and pay for these products and services over the Internet using a standard web browser.
Foley added, "Our new company possesses the financial resources, databases and technological expertise to develop a fully automated and integrated platform to provide real estate products and services online in a real time environment. This will be a revolutionary advancement in our distribution channels."
Louis A. Waters, Chairman of Tyler Technologies and who will be Co-Chairman with Foley of NationsData.com stated, "Combining the complementary strengths of our two organizations into the new NationsData.com will create a major force in this large and growing market."
SOURCE Fidelity National Financial, Inc.