FirstAm plays it ‘Safe'

November 8, 2002

Title insurer to acquire SafeRent tenant screening co.


Inman News Features

The First American Corp.'s screening information division has signed a definitive agreement to acquire SafeRent, a Denver-based provider of online credit and risk management services for resident screening, the company announced today.

SafeRent will be merged with First American Registry, another provider of apartment resident screening services that's already owned by First American.

The transaction is expected to close within two weeks. The company didn't disclose the terms of the acquisition.

FirstAm entered the screening business in 1998, when it purchased an employment screening company, according to a company statement.

"After nine acquisitions and four years of internal growth, this segment's revenues will exceed $150 million in 2003. These businesses, after integration, will provide steady and strong profits," said FirstAm President Parker Kennedy.

FirstAm expects SafeRent to generate $12 million in revenue this year. Revenue for the combined SafeRent and First American Registry businesses next year is projected to be $40 million.

SafeRent was founded in 1998 and created one of the first data-driven approaches to screening apartment applicants, according to the company.

First American's business segments include title insurance and services, specialty insurance, trust and other services, mortgage information, property information, credit information and screening information. The $3.75 billion company has 22,500 employees in approximately 1,300 offices in the United States and abroad.

Copyright: Inman News Service


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro is the nation's leading provider of real estate closing and title insurance software. With more than 14,000 customer sites and over 60,000 users nationwide, this award-winning software offers a suite of products designed to increase your volume and revenue by reducing the time it takes to do closings. SoftPro has been recognized by the American Business Awards every year since 2007 - winning awards for Superior Customer Service, Support and Product Development. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.