Fidelity National Financial, Inc. Acquires Aurum Technology, Inc.
|February 9, 2004|
JACKSONVILLE, Fla.,/PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF ), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today announced the signing of a definitive agreement to purchase Aurum Technology, Inc. ("Aurum") from an investment group led by Willis Stein& Partners, a Chicago-based private equity firm with approximately $3.0 billion in assets under management.
With more than 1,100 customers and $193 million in 2003 revenue, Aurum is a leading provider of outsourced and in-house information technology solutions for the community bank and credit union markets. The company's primary offerings include core processing, check imaging, ATM/EFT processing, branch automation, business intelligence and network services solutions. With the acquisition, FNF emerges as the only provider of industry leading core processing applications for every segment of the financial services market, including de novo banks, credit unions, community banks, regional banks as well as the largest national and global financial institutions.
"Aurum is a perfect strategic fit for FNF and represents another significant step in the growth of our financial institution processing and outsourcing businesses," said Chairman and Chief Executive Officer William P. Foley, II. "Aurum's broad service offerings and substantial community bank and credit union customer base make the company a unique asset in the financial services marketplace. The acquisition more than doubles our existing community bank customer base and Aurum's 600 credit union customers make FNF one of the largest providers of technology-based business solutions to this key market segment. We are committed to continuing to provide all of these customers the top quality products and services they have come to expect from Aurum."
Under the terms of the agreement, FNF will pay $305 million to acquire Aurum, composed of approximately $175 million in cash and $130 million in FNF stock. FNF will not assume any bank debt or transaction related expenses. Closing of the transaction is subject to customary closing conditions and is expected late in the first quarter of 2004.
Soure: Fidelity National Financial, Inc.,