RamQuest Software, Inc. forms a strategic partnership with LandAmerica Financial Group, Inc. and Old Republic National Title Insurance Company
March 22, 2005
This partnership announced yesterday combines the technological expertise of RamQuest with the strategic insights and knowledge of LandAmerica and Old Republic Title. The dynamic of a collaborative leadership team will provide for a competitive standard for setting policies and the long-term direction of real estate settlement software.
The terms of the partnership include the purchase of minority equity interests in RamQuest by LandAmerica and Old Republic Title, with the current RamQuest management team retaining a significant equity interest.
Key members of the RamQuest management team, including Mark R. McElroy, CEO, Neil E. Syken, COO, and Steven P. Terry, CFO, will remain with the company. No changes are anticipated in the general operations of the company. RamQuest's vision and philosophy of software development, processes, and procedures will remain unchanged, as will its agreements and commitments to the RamQuest User Group.
"This partnership is exactly what the industry needs to propel itself into the future through technology," says RamQuest CEO Mark R. McElroy. "This industry needs a strong, innovative software developer that understands the realities of technology, designs new and creative approaches, and is effective across the industry. This partnership provides the foundation to achieve those realties."
LandAmerica EVP of Operation Resources Melissa Hill comments, "As a service-driven company, LandAmerica's overall strategy is to do what's best for our customers. RamQuest's ability to provide innovative technology solutions delivered with consistently superior service, coupled with collaboration with land title industry leaders like Old Republic Title, make this partnership a big win for LandAmerica customers and for the industry as a whole."
"When you combine the respective skill and expertise of high-caliber companies like RamQuest, LandAmerica, and Old Republic Title, the opportunities for all to benefit are limitless," says Rob Chapman, Sr. Vice President and Chief Information, Old Republic Title. "We look forward to setting the standard for the industry."
Source: Old Republic National Title Insurance Company