FirstAm plays it ‘Safe'
November 8, 2002
Title insurer to acquire SafeRent tenant screening co.
Inman News Features
The First American Corp.'s screening information division has signed a definitive agreement to acquire SafeRent, a Denver-based provider of online credit and risk management services for resident screening, the company announced today.
SafeRent will be merged with First American Registry, another provider of apartment resident screening services that's already owned by First American.
The transaction is expected to close within two weeks. The company didn't disclose the terms of the acquisition.
FirstAm entered the screening business in 1998, when it purchased an employment screening company, according to a company statement.
"After nine acquisitions and four years of internal growth, this segment's revenues will exceed $150 million in 2003. These businesses, after integration, will provide steady and strong profits," said FirstAm President Parker Kennedy.
FirstAm expects SafeRent to generate $12 million in revenue this year. Revenue for the combined SafeRent and First American Registry businesses next year is projected to be $40 million.
SafeRent was founded in 1998 and created one of the first data-driven approaches to screening apartment applicants, according to the company.
First American's business segments include title insurance and services, specialty insurance, trust and other services, mortgage information, property information, credit information and screening information. The $3.75 billion company has 22,500 employees in approximately 1,300 offices in the United States and abroad.
Copyright: Inman News Service