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FIRST AMERICAN ACQUIRES MARYLAND MANAGEMENT SYSTEMS, INC.
—New Management Tool Offered To Real Estate Associations and MLSs —
SANTA ANA, Calif., Jan. 4, 2006 –First American MLS Solutions, Inc., a division of First American Residential Group, Inc., and the nation’s leading multiple listing service (MLS) software provider, today announced that it has acquired Maryland Management Systems, Inc. (MMSI), a premier provider of management software to Realtor® associations in North America. Terms of the transaction, which closed Jan. 3, 2006, were not disclosed.
First American will integrate MMSI’s The Director association management software with its MLXchange™ and TEMPO™ MLS products that currently serve nearly half of all real estate professionals throughout the United States and Canada, and will offer The Director to non-client real estate associations in addition to those currently using MLXchange and TEMPO. The Director streamlines the operations of real estate associations with comprehensive management tools that include automated billing, accounts receivable, full accounting functionality, and detailed information on committee meetings and class schedules. MMSI has approximately 100 installed sites throughout North America.
“Our goal is to create new efficiencies for the real estate professional by tightly integrating The Director with our current programs and Realtor association systems,” said Bryan Foreman, president of First American MLS Solutions. “The addition of MMSI is another step in First American’s strategy to create a truly comprehensive system that reduces the cost and time associated with residential real estate transactions.”
MMSI, which will continue to be managed by founder Rich Richburg, will be an operating unit of First American MLS Solutions. MMSI will maintain it’s headquarters near Annapolis, Md.
“Our team has worked hard to grow and mature The Director technology and MMSI’s business model,” said Richburg. “First American is a logical fit for our product, and both MMSI’s and First American MLS Solutions’ customers will benefit from the fully integrated and customizable real estate association management system we now offer.”
“First American is committed to providing enterprise solutions for our MLS customers and their member brokers and agents,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “MMSI’s leading-edge technology and dedicated staff will readily complement our existing services in the MLS market and help further distinguish First American from our competition.”
About Maryland Management Systems, Inc. (MMSI)
Founded in 1986 by Rich Richburg, MMSI is the leading name in accounting-based, real estate association management software. Its highly customizable software adapts to clients’ needs, and allows each business to operate more efficiently and with better information. MMSI's mission is to provide incredible value to its clients, not only through the most reliable and flexible software in the market, but also through a superior customer experience that helps to take the stress out of managing an association’s data. More information about MMSI can be found at www.mmsi-usa.com.
About First American MLS Solutions
First American MLS Solutions, a division of First American Residential Group, was created in 2005 through the combination of First American subsidiaries MarketLinx® Solutions and Interealty. Offering transaction management and MLS systems, First American MLS Solutions provides a full line of products and support services to nearly half a million real estate professionals in North America.
About First American Residential Group
First American Residential Group is a subsidiary business line established by The First American Corporation in 2002 to address the real estate brokerage, 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.
About The First American Corporation
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is the nation’s largest data provider. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.72 billion in 2004, First American has approximately 2,000 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
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