Buying Part Of A Partner

February 4, 2002

First American Acquires Equity Ownership In Irvine Technology Corp.

Inman News Features

The First American Corp., a provider of business information and related products and services, announced that it has acquired a one-third ownership interest in Irvine Technology Corp., a software development and network services company.

The terms of the transaction were not disclosed.

"Irvine Technology Company has been instrumental in the successful development of our title company's core technology. They've done an outstanding job," said John M. Hollenbeck, executive vice president overseeing technology at First American. "Through this ownership interest in Irvine Technology Corporation, we are further strengthening our ability to develop applications that meet the needs of both First American and our clients."

During the past few years, Irvine, Calif.-based ITC has worked with First American to develop the FAST Transaction System, a fully integrated, browser-based production system currently being used to automate and centralize the production of title and escrow settlement products and services, the companies reported.

According to First American, more than 30,000 transactions are processed by the FAST Transaction System each month.

Copyright: Inman News Service

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