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First American to buy Docutech
Posted on Thursday, 13 February 2020 15:27
First American Financial is acquiring US-based document technology provider Docutech for an undisclosed sum.
Completion is slated to take place by the end of March this year, subject to the usual raft of closing conditions.
Furthermore, the deal is expected to increase First American’s earnings in 2020.
Upon closing, the target’s management team, including chief executive Amy Brandt, will continue to lead the company’s operations.
Established in 1991, Docutech provides document, eClose and fulfilment technology for lenders and other customers in the mortgage industry.
The group’s offerings enable lending professionals to produce loan packages in all 50 states across the US.
Docutech also provides print and mail fulfilment services for every document it generates, ensuring timely delivery to the right person and is equipped with quality assurance controls throughout every stage of the process.
Its Solex eSign Editor platform allows customers to add their own items to any eSign packages and enables enables borrowers to give the green light from any device and location.
Dennis Gilmore, chief executive of First American, said: “The acquisition of Docutech reflects our steadfast commitment to invest in and grow our core business.
“Moreover, it demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process.”
Docutech’s technology will also allow First American to provide end-to-end digital mortgage and settlement operations for more than 175 lenders in the US.
Headquartered in California, the buyer provides title insurance and settlement services to customers in the real estate and mortgage industries.
For the financial year ended 31st December 2019, First American generated revenue of USD 6.20 billion, up 7.8 per cent from USD 5.75 billion in the preceding 12 months.
The group is no stranger to the acquisition trail: in January this year, it bought the remaining stake in US-based third-party administration insurance services provider Title Security Agency for an undisclosed sum.
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