First American Announces Acquisition of Proxix Solutions
|October 2, 2007|
SANTA ANA, Calif., -- The First American Corporation (NYSE: FAF) has acquired Proxix Solutions, a leader in the geospatial industry. Terms of the transaction were not disclosed.
Proxix Solutions combines location intelligence with enterprise solutions to help businesses make more informed decisions, understand and mitigate risks, cultivate profitable customer relationships and increase market penetration. With current customers ranging from the property and casualty insurance industry to telecommunications, Proxix adds a new dimension to First American's strategic initiative of combining our vast databases with predictive analytics for growth in new industries. Proxix will be integrated into the newly formed First American Spatial Solutions division based in Austin, Texas.
"This acquisition strengthens First American's position in the growing location intelligence market and enhances its ability to deliver additional value to customers worldwide," according to Dennis Gilmore, chief operating officer for The First American Corporation. "Businesses are increasingly using location-based information to enhance their reach, performance and decision-making capabilities. The addition of Proxix allows us to build on our current expertise in location intelligence and deliver a broader range of advanced solutions for insurance, financial services and the public sector, as well as numerous other emerging markets."
One of the key elements of the transaction is the expertise in geospatial technologies that Proxix brings to First American. "Adding location to any business intelligence solution provides actionable information for decision management," said Scott Little, executive vice president of First American Spatial Solutions. "Proxix's geocoding and spatial analytics are ideal for applications requiring positional accuracy and complex spatial analysis." In addition to advanced geocoding technologies, Proxix also has developed a number of sophisticated enterprise solutions for the insurance and tax markets. Most recently, Proxix developed CATUM, a fully integrated solution that combines parcel-level geocoding technology, hazard risk and premium tax databases to deliver accurate information for analyzing risk throughout an insurance enterprise. First American will continue to support and expand these solutions through the First American Spatial Solutions division.
"I believe that Proxix and First American are an ideal match," said Paul Wray, president of Proxix Solutions. "While Proxix and First American complement each other in many ways, the true winner will be our customers, who will now have access to a greater array of location-enabled products and services delivered through a world-class data infrastructure."
Source: The First American Corporation