Two giants in real estate information services announced they will merge to form a one-stop-shopping company for mortgage lenders.
First American Real Estate Information Services, a subsidiary of First American Corp., and Experian Real Estate Solutions, a unit of Experian Group, will combine their information technology capabilities.
Mortgage lenders will be able to get property valuation and title and tax documents from the company.
It will be headquartered in St. Petersburg, Fla., and will have annual revenues of more than $450 million and a combined payroll of 4,000.
First American will own 80% of the company; Experian, 20%. Additional terms of the deal were not disclosed.
John Long, president of First American's credit reporting and flood compliance division, will be president of the new company.
The merger will offer more than $20 million of cost savings, said Parker S. Kennedy, president of First American Financial, in a conference call. "Our goal is to be able to provide all products to our lenders on a single system," he said.