First American Announces Acquisition of Proxix Solutions
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Purchase of Advanced Geospatial Technology Company Expands First American's Ability to Spatially-enable Data and Create Analytical Solutions -
SANTA ANA, Calif., Oct. 1 / -- The First American Corporation (NYSE:FAF), America's largest provider of business information, announced today that it has acquired Proxix Solutions, a leader in the geospatial industry. Terms of the transaction were not disclosed.
Proxix Solutions combines location intelligence with enterprise solutions to help businesses make more informed decisions, understand and mitigate risks, cultivate profitable customer relationships and increase market penetration. With current customers ranging from the property and casualty insurance industry to telecommunications, Proxix adds a new dimension to First American's strategic initiative of combining our vast databases with predictive analytics for growth in new industries. Proxix will be integrated into the newly formed First American Spatial Solutions division based in Austin, Texas.
"This acquisition strengthens First American's position in the growing location intelligence market and enhances its ability to deliver additional value to customers worldwide," according to Dennis Gilmore, chief operating officer for The First American Corporation. "Businesses are increasingly using location-based information to enhance their reach, performance and decision-making capabilities. The addition of Proxix allows us to build on our current expertise in location intelligence and deliver a broader range of advanced solutions for insurance, financial services and the public sector, as well as numerous other emerging markets."
One of the key elements of the transaction is the expertise in geospatial technologies that Proxix brings to First American. "Adding location to any business intelligence solution provides actionable information for decision management," said Scott Little, executive vice president of First American Spatial Solutions. "Proxix's geocoding and spatial analytics are ideal for applications requiring positional accuracy and complex spatial analysis." In addition to advanced geocoding technologies, Proxix also has developed a number of sophisticated enterprise solutions for the insurance and tax markets. Most recently, Proxix developed CATUM, a fully integrated solution that combines parcel-level geocoding technology, hazard risk and premium tax databases to deliver accurate information for analyzing risk throughout an insurance enterprise. First American will continue to support and expand these solutions through the First American Spatial Solutions division.
"I believe that Proxix and First American are an ideal match," said Paul Wray, president of Proxix Solutions. "While Proxix and First American complement each other in many ways, the true winner will be our customers, who will now have access to a greater array of location-enabled products and services delivered through a world-class data infrastructure."
For additional information, visit www.proxix.com/ or http://www.firstam.com/.
About First American Spatial Solutions
The First American Spatial Solutions division (FASS), a member of The First American Family of Companies, is an emerging leader in property location information, analytics and services and has been tasked with utilizing its expertise in location intelligence to expand the spatial capabilities of First American and its customers. FASS location intelligence solutions can be used to improve, detect and assess risks from natural perils, increase customer acquisition and retention, and detect and prevent fraud. Other First American companies can also utilize FASS solutions to improve mortgage transaction cycle time and cost efficiency, measure the value of residential and commercial properties, identify real estate trends and neighborhood characteristics, track market performance and increase market share. FASS is part of the Mortgage Information Services Group and is based in Austin, Texas.
About First American
The First American Corporation (NYSE:FAF), a FORTUNE 500(R) company that traces its history to 1889, is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. With revenues of $8.5 billion in 2006, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at http://www.firstam.com/.
Media Contact:
Carrie Gaska
Corporate Communications
The First American Corporation
(714) 250-3298
cgaska@firstam.com
Investor Contact:
Mark Seaton
Investor Relations
The First American Corporation
(714) 250-4264
mseaton@firstam.com
Source: The First American Corporation
Web site: http://www.firstam.com/
