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First American and Docutech Announce Agreement for First American's Acquisition of Docutech
press release, First American
   

First American Financial Corporation (NYSE:FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, and Docutech, a leading provider of document, eCloseand fulfillment technology for the mortgage industry, announced today the signing of an agreement for First American’s acquisition of Docutech.

Founded in 1991, Docutech is a respected industry leader that leverages technology to help financial institutions quickly and accurately provide regulatory-compliant loan documents for mortgage and home equity lending. The company’s innovative solutions are widely used by lenders across the U.S. and have contributed to the industry’s evolution toward a digital real estate closing experience.

“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,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “We’re excited to soon welcome to First American the people of Docutech, a highly respected leader in the document technology solutions industry. Together, we will accelerate the evolution of real estate closings.”

The acquisition of Docutech and its innovative technology complements First American’s existing capabilities and industry-leading property and homeownership data, advancing First American’s ability to provide lender customers with end-to-end digital mortgage and settlement services. Docutech’s technology platform, which is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.

Docutech’s management team, including President and CEO Amy Brandt, will continue to lead the company’s operations.

“Joining the First American family strengthens our ability to provide products and services that help lenders offer a more digital mortgage experience and adapt to today’s changing business landscape. The Doctutech team will now have enhanced access to First American’s industry-leading property data and its other industry-leading products and services, further enhancing the quality, accuracy and speed of our services,” said Brandt. “Our employees will also benefit by being part of a companynamed to the Fortune 100 Best Companies to Work For® listfour years in a row.”

The acquisition is expected to be accretive to First American’s earnings in 2020. The transaction is expected to close by the end of March, subject to customary closing conditions.

In connection with the transaction, BofA Securities is acting as financial advisor to First American and Raymond James is acting as financial advisor to Docutech.

 

About First American

First American Financial Corporation (NYSE: FAF)is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889.First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services.With total revenue of $5.7 billion in 2018, the company offers its products and services directly and through its agents throughout the United States and abroad.In 2019, First American was named to the Fortune 100 Best Companies to Work For® list for the fourth consecutive year.More information about the company can be found at www.firstam.com.

About Docutech

Docutech offers a wide range of document technology solutions for mortgage, home equity and consumer lending, from document generation to eDelivery, eSign, eClose and print fulfillment. The company sets the standard in providing market-proven technology and unrivaled customer service to the financial industry. Docutech’s knowledge and solutions empower lending professionals to efficiently produce accurate loan packages in all 50 states to ensure compliance with constantly changing laws and regulations. Docutech was founded in 1991 and, in 2016, partnered with Serent Capital, a private equity firm based in San Francisco and Austin, Texas. For more information, visit the company’s website at www.docutech.com.



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