Fidelity National Financial, Inc. Buys Geotrac, Inc.
|July 6, 2004|
Jacksonville, Fla. -- Fidelity National Financial, Inc. (NYSE:FNF) has bought Geotrac, Inc. ("Geotrac"), the nation's third largest provider of flood determination and life of loan monitoring services.
Geotrac provides flood information services to more than two thousand customers, with particularly strong penetration in the Midwest region of the country. The combination of FNF and Geotrac will further solidify FNF's position as the nation's second largest provider of flood determination and life of loan monitoring services.
"Geotrac provides additional critical mass and improved scale to our flood information business and its strength in the Midwest provides additional geographic coverage that augments our current market penetration," said FNF Chairman and Chief Executive Officer William P. Foley, II. "Additionally, the addition of Geotrac's digitized flood plain maps will allow us to continue to increase the percentage of automatic determinations and reduce manual exception processing, providing the opportunity for even greater operating margins."
"The mortgage services market place is changing at Internet speed," said Geotrac CEO Dan White. "After more than a quarter century as a single product provider to the mortgage industry, it is time for Geotrac to blend its operation with an innovative, market-leading multi-product firm such as Fidelity National Financial."
Source: Fidelity National Financial, Inc.