Capital Title Group Subsidiary Acquires DPSI, Inc. Expanding Bundled Services Capabilities
July 1, 2004
SCOTTSDALE, Ariz., July 1 /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI) announced that its subsidiary CTG Real Estate Information Services (CTG REIS) has acquired Determination Processing Services, Inc. (DPSI), a provider of residential and commercial flood determinations on property throughout the United States. DPSI, located in Los Angeles, California, is among the largest flood vendors in the Nation. A wholly owned subsidiary of CTG REIS, it adds a new dimension to the company's bundle of settlement services and will continue to operate under its existing name. Miller Capital Corporation acted as financial advisor to Capital Title Group on the transaction.
Richard A. Alexander, president and chief executive officer of CTG Real Estate Information Services said, "The acquisition of DPSI broadens the capabilities of our bundled settlement services. The flood determination service is a well-matched product to those we provide through Nationwide Appraisal Services (Nationwide), another recently completed acquisition. DPSI has a very robust, automated database and has consistently delivered an 88% to 89% 'Automated Hit Rate'. We also add a seasoned management team lead by Lynn Jordon, President of DPSI," Alexander continued. "Lynn and his team have extensive experience and are one of the most attractive elements of this acquisition."
Lynn Jordon, president of DPSI, Inc. commented, "We are very pleased to be joining the Capital Title Group family of companies. We share the same strategic outlook as CTG REIS for growth within the industry and by combining forces we will be better equipped to fulfill our vision."
Donald R. Head, chairman, president and chief executive officer of Capital Title Group added, "The acquisition of DPSI coupled with our recent acquisition of Nationwide strengthens our role as a national provider of bundled services for the mortgage lending industry."
SOURCE Capital Title Group, Inc.