The First American Corporation Acquires Offutt Systems, Inc.
August 7, 2006, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), America's largest provider of business information, today announced that it has acquired privately-held Offutt Systems, Inc. (OSI), a Greensboro, N.C.-based provider of multiple listing service (MLS) solutions. OSI will be operated through First American MLS Solutions, Inc., a division of First American Residential Group and the leading provider of MLS technology and support services to real estate professionals in <?xml:namespace prefix = st1 />North America. Terms of the transaction, which closed Aug. 1, 2006, were not disclosed.
Established in 1971, OSI has grown to offer its services to more than 60 MLS organizations across the country. Its core product, InnoVia, is a proven technology that is widely regarded as the best small- to medium-market MLS solution by many real estate professionals. Recently Offutt has also been successful in securing business from larger MLS clients, further proving the strength of its platform. The highly reliable and scalable technology has been favored for years by Realtor® boards and associations seeking a customized MLS solution that can be competitively priced within smaller boards while effectively competing for medium and large MLS clients.
First American will continue to run OSI operations under the direction of its current management team from the company's main office location in Greensboro, N.C.
The addition of OSI, which serves approximately 80,000 users, increases the total number of real estate professionals now served by First American MLS technology to just over 600,000.
Offutt Systems, Inc. (OSI) was founded in 1971 and is headquartered in Greensboro, N.C. For more than three decades, OSI has provided top-quality MLS services to associations of Realtors of various sizes all across the United States. OSI offers the technologies, services and support expected from a long-time partner to the real estate industry. Since its inception, OSI has been an innovator on many fronts in the industry. The company strives to exceed its client's expectations by providing powerful, yet flexible and reliable systems, customized to meet individual client needs. For more information, visit: www.getoffutt.com.
First American Residential Group is a subsidiary business line established by The First American Corporation in 2002 to address the real estate brokerage, multiple listing service (MLS) and relocation market segments with the full array of First American capabilities. Its systems streamline real estate listing, financing and closing processes, resulting in increased efficiency and profitability. First American Residential Group operating units include First American MLS Solutions, the nation's leading provider of MLS systems and real estate software in North America; and Relocation Advantage and Certified Closing Network, leading providers of closing management services to relocation companies. For more information, visit: www.residential.firstam.com.