Stewart Forms Strategic Alliance With Realtor Association Software And MLS Provider Rapattoni Corp.
March 6, 2002
HOUSTON, /PRNewswire-FirstCall/ -- Stewart Title Co., a wholly owned subsidiary of Stewart Information Services Corp. (NYSE: STC ), has entered into a strategic alliance agreement with Rapattoni Corp. This alliance will allow the two companies to integrate their products and services to the benefit of the Realtor community.
Stewart is a leading national provider of title, closing and escrow services, and of e-marketing tools and services for real estate professionals through its Stewart Realty Services marketing division. Rapattoni Corporation is the leading provider of management information systems to state and local Realtor associations and regional multiple listing service (MLS) organizations. Rapattoni is also a leading provider of Internet-based multiple listing systems.
"There are many opportunities for Stewart and Rapattoni to market each others' products and services to real estate organizations across the nation," said Stewart Morris Jr., president, Stewart Title Co. and president and co- CEO, Stewart Information Services Corp. "This is a strategic alliance that will facilitate delivery of advancing technologies to the real estate community."
"Our objective is to provide real estate agents with agent-centric tools that will make them more productive. Rapattoni offers us the opportunity to offer these services through the agent's MLS desktop. In addition, this alliance will allow us to offer training in the use of the Rapattoni MLS software in the communities where that is possible," added Morris.
"Rapattoni has been serving real estate associations and MLS organizations for over 32 years and has an outstanding reputation for quality service," said Kelly Hawkins, director of realty technology, Stewart Realty Services. "Rapattoni's Internet-based MLS software, Rapattoni MLS, now serves more that sixty MLS organizations nationwide ranging in size up to 16,000 agents. The Stewart-Rapattoni alliance will benefit the real estate community by providing integral products and services that support the real estate transaction from listing through closing."
"The MLS vending business has changed substantially in the last few years," said Andy Rapattoni, president, Rapattoni Corp. "Stewart Title Company does not want to own and operate an MLS vendor company, however, having Stewart as a strategic partner and investor paves the way for an effective real estate e-transaction system. Someday soon it will be as easy to buy and sell a home as it is to buy and sell stock."
About Rapattoni Corporation
Rapattoni Corporation has been serving the real estate industry since 1970. Its real estate association customers represent more than 80 percent of the membership of the National Association of Realtors®. Rapattoni's offices and state-of-the-art Internet hosting center are located in Simi Valley, California. The company's Web site is http://www.rapattoni.com .
About Stewart Information Services
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 5,800 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at http://www.stewart.com/ .
Source: Stewart Information Services Corporation
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