SANTA ANA, Calif. First American Corp., a seller of information to the insurance, real estate, and consumer lending industries, has agreed to buy Credit Management Solutions Inc. of Annapolis Junction, Md., for $52 million.
Buying the vendor of credit automation software and services would boost First American in the automotive and consumer lending credit reporting sectors, where it already has significant market share.
Credit Managements credit evaluation products, along with its CreditOnline transaction processing network, would give First American and its subsidiaries access to millions of lending transactions generated by the sellers clients, including large financial institutions in the United States and Canada.
The merged company is to be called First American CMSI. The deal was announced last week and is scheduled to close next quarter.