Fidelity National Financial announced today the acquisition of Geotrac Inc., the nation’s third-largest provider of flood determination and loan monitoring services.
“Geotrac provides additional critical mass and improved scale to our flood information business, and its strength in the Midwest provides additional geographic coverage that augments our current market penetration,” said FNF chairman and CEO William P. Foley, II. “Additionally, the addition of Geotrac’s digitized flood plain maps will allow us to continue to increase the percentage of automatic determinations and reduce manual exception processing, providing the opportunity for even greater operating margins.”
FNF provides products and outsourced services and solutions to financial institutions and the real estate industry.
Geotrac provides flood information services to more than 2,000 customers nationwide.
***
Send tips or a Letter to the Editor to samantha@inman.com or call (510) 658-9252, ext. 140.
