First American Acquires Faxxon Legal Information Services, Inc.
—First American’s UCC Division Expands its Operations in the Midwest Region and Makes Plans to Establish Automated UCC Filing System—
SANTA ANA, Calif., August 8, 2006
The First American Corporation (NYSE: FAF), America’s largest provider of business information, today announced that it has acquired privately held FAXXON Legal Information Services, Inc., the leading UCC (Uniform Commercial Code) search and filing company in the Midwestern United States. Terms of the transaction, which closed June 30, 2006, were not disclosed.
The objective of First American’s UCC Division is to grow its businesses of UCC insurance, search, filing and other corporate services both through acquisition and the expansion of its customer base. The acquisition of FAXXON represents another important step toward the achievement of that ultimate goal.
“FAXXON will provide First American’s UCC Division with a strategic opportunity to increase its national marketing effort, establish an automated UCC filing system, acquire management talent in the UCC search and filing market and increase our existing client base,” said Clifford Morgan, senior vice president of underwriting and new product development for First American Title Insurance Company. “We are pleased to welcome Bill Stokes and the considerable technology expertise he brings to his new position at First American.”
As founder and president of FAXXON, Stokes was responsible for coordinating the implementation and development of the company’s automated UCC filing and management system. In his new role with First American, Stokes will continue to manage FAXXON’s current operations as well as oversee the integration of First American UCC’s search and filing operations with FASTWeb, First American’s Web-based title ordering and delivery system.
For additional information on First American’s UCC Division and its EAGLE 9® line of risk management tools, please visit www.Eagle9.com.
FAXXON Legal Information Services, Inc., the leading UCC search and filing company in the Midwest, provides nationwide public record services for asset-based lending professionals and their legal counsels. Based in Springfield, Ill., and founded by William J. Stokes, former president of LEXIS Document Services and Illinois Code Company, FAXXON’s services are directed primarily to clients in the state of Illinois. For more information, please visit www.faxxon.com.
About First American
The First American Corporation (NYSE: FAF), a FORTUNE 500® 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 Risk Mitigation and Business Solutions—a new segment that the company formed in 2005 by combining its Credit Information and Screening Information segments. With revenues of $8.1 billion in 2005, 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 www.firstam.com.
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