Financial Announces the Acquisition Of Hamilton & Sullivan, Ltd.
IRVINE, Calif., May 05 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today announced the acquisition of Hamilton & Sullivan, Ltd. ("H&S'), a provider of online banking, wire transfer, cash management and account analysis software products for the financial services industry. H&S will be integrated into the Fidelity Integrated Financial Solutions ("IFS") and Fidelity Integrated Retail Banking ("IRB") divisions of Fidelity Information Services.
H&S develops, markets, implements and supports online banking software and offers integrated account analysis functionality for decision support. The online banking software extends the offering of a financial institution's products and services to corporate, small business and retail customers through both wired and wireless channels. The account analysis software provides support for managing corporate deposit relationships, including profitability, cross selling and customer retention reporting and analysis and provides billing, debiting and outstanding receivables management features. H&S has over 40 current customers, which includes 15 of the top 150 bank and thrift holding companies.
IFS and IRB provide a complete suite of fully integrated banking platforms for community banks and other financial institutions that seek a single, highly leveraged platform of products that offer a menu of front-end systems, relationship management capabilities and back office processing, support and reporting systems.
"H&S is our initial acquisition within the new Fidelity Information Services," said Chairman and Chief Executive Officer William P. Foley, II. "The H&S software rounds out the IFS and IRB product suite, allowing us to offer the type of robust, fully integrated technology solution that our customers demand. The impressive customer base and strong market reputation of H&S should provide significant opportunities to sell further Fidelity Information Services processing solutions as well as FNF title, escrow and other real estate related products and services."
Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. The Company had total revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million. FNF is the nation's largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance. FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary Fidelity Information Services, which has clients in more than 50 countries. It processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2 trillion and has processing and technology relationships with 48 of the top 50 U. S. banks who rely on Fidelity Information Services' processing and outsourcing products and services. More than 34 percent of the total dollar volume of all outstanding consumer loans in the country, including mortgages, is processed on Fidelity Information Services software applications. Fidelity National Information Solutions (NASDAQ: FNIS), a majority-owned, publicly traded subsidiary of FNF, provides data and valuations, technology solutions and services for the real estate and mortgage industries. More information about the FNF family of companies can be found at www.fnf.com, www.fidelityinfoservices.com and www.fnis.com.
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward- looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.