Fidelity National Information Solutions Sells Its Environmental Services Division to Environmental Data Resources
March 25, 2002
SANTA BARBARA, Calif., March 25 /PRNewswire-FirstCall/ -- Fidelity National Information Solutions (Nasdaq: FNIS) and Environmental Data Resources, Inc. (EDR) today announced that EDR acquired FNIS' environmental information business units, including assets previously owned by VISTAinfo and EcoSearch Environmental Resources, Inc.
Acquired by FNIS in August 2001, the FNIS environmental services division sold raw and value-added data regarding environmental risk to commercial lenders, engineers and other entities for use in connection with evaluating non-residential real property. FNIS intends to use the proceeds from the sale to further enhance the company's core business proposition of providing data, services and solutions to the real estate transaction.
FNIS President and COO Eric Swenson commented that, "FNIS' primary customers are residential lenders and real estate professionals, and our mission is to provide them with comprehensive data, solutions and services that increase their productivity and enhance their earning potential by positioning them at the point of sale. The services provided by our environmental services division were primarily used by commercial lenders and the engineering community, neither of which are prime markets for our organization. Since EDR is focused on providing services to these market segments, this transaction is strategic for both parties."
FNIS transitioned its environmental operations to EDR on Monday, March 25, 2002. In preparation for the acquisition, EDR significantly expanded its customer service team, and launched a new environmental database report that will assist in making the transition of clients from FNIS' VISTAinfo and EcoSearch divisions to EDR as seamless as possible.
EDR CEO Anthony Buonicore commented, "This transaction will generate significant benefits for the marketplace in general and VISTAinfo and EcoSearch clients in particular. We have diversified our product offering in order to provide our new clients with an easy transition and we continue to make significant investments in the digitization of our historical product line that will allow us to pass on time and cost savings to our clients. EDR is committed to providing all of our clients unsurpassed customer service coupled with the highest quality government environmental records and property prior use information. The acquisition gives VISTAinfo clients access to the benefits of our historical information digitization program and newly expanded government records product line."
Source: Fidelity National Information Solutions