First American Acquires Lucero Research Corporation
|December 19, 2006|
SANTA ANA, Calif., – First American Residential Group, a member of The First American Corporation (NYSE: FAF) family of companies, has acquired Lucero Research Corporation, a provider of residential real estate office management software systems. Terms of the transaction were not disclosed.
“Real estate brokers are looking for an enterprise technology platform that provides them with all of the key functions needed to seamlessly manage their business,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “First American’s strategy is centered on the development of a complete, online real estate platform that provides an integrated set of components to perform functions that are important to real estate professionals. The acquisition of Lucero further enhances First American’s strategy and provides brokers with a best-of breed management solution that cannot be found elsewhere.”
Lucero has established a strong market position through the success of its core product, Lucero Summit. Lucero Summit is used by more than 3,500 companies in nearly 6,000 office locations in North America, Central America, Europe and Asia. Deployed via CD and the Web, Lucero Summit has an extensive array of features and unique reporting capabilities to assist real estate professionals in efficiently and profitably managing their operations. Core functions of the system include management and tracking of real estate contracts and instant, automated agent commission calculations. Users also have access to tools that help manage listings, showing appointments, lead capture and distribution, Web site generation and other tasks vital to real estate office operations.
“Our team has done a remarkable job in developing a broker management software system that will easily integrate with First American’s Realtor®-focused technology platforms,” said Howard Jones, founder of Lucero Research and creator of Lucero Summit software. “As part of First American, we can provide an even more complete and compelling product and service solution to our customers while broadening our ability to integrate with MLS (multiple listing service) systems and other residential real estate technology systems.”
First American and Lucero have been in a strategic marketing alliance since May 2006. Jones will assist with the transition of Lucero’s technology and the company will continue its operations as a division of First American Residential Group.
Source: The First American Residential Group