Fidelity National Financial, Inc. Announces Acquisition of Bankware
April 07 2004 - 8:01AM
PR Newswire (US)
Fidelity National Financial, Inc. Announces Acquisition of Bankware
JACKSONVILLE, Fla., April 7 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. , a Fortune 500 provider of products and
outsourced services and solutions to financial institutions and the
real estate industry, today announced the acquisition of certain
corporations doing business under the name Bankware. Bankware
provides check imaging solutions for financial institutions through
its ImageCentre product suite. The ImageCentre suite is a
state-of-the-art, browser-based technology set that provides check
imaging, document imaging, remittance processing, COLD, and other
ancillary solutions. ImageCentre is a scalable, open-systems-based
image solution capable of meeting an institution's entire document
and payment processing needs. Bankware generated approximately $25
million in revenue and $5 million in net earnings in 2003. "Item
processing and check imaging are clearly areas of focus for
financial institutions, particularly with the pending
implementation of Check 21 legislation," said FNF Chairman and
Chief Executive Officer William P. Foley, II. "Bankware's imaging
solution accelerates our ability to serve the growing item
processing market with both hosted and licensed imaging solutions.
Additionally, Bankware has a track record of both consistent
revenue growth and solid profitability and its existing clients
provide revenue synergy opportunities for other FNF products and
services." Fidelity National Financial, Inc., number 262 on the
Fortune 500, is a provider of products and outsourced services and
solutions to financial institutions and the real estate industry.
The Company had total revenue of more than $7.7 billion and earned
more than $860 million in 2003, with cash flow from operations of
nearly $1.3 billion for that same period. FNF is one of the world's
largest providers of information-based technology solutions and
processing services to financial institutions and the mortgage and
financial services industries through its subsidiary Fidelity
Information Services, Inc. Fidelity Information Services processes
nearly 50 percent of all U.S. residential mortgages, with balances
exceeding $3 trillion, has processing and technology relationships
with 46 of the top 50 U.S. banks and has clients in more than 50
countries who rely on its processing and outsourcing products and
services. Additionally, FNF is the nation's largest title insurance
company and also provides other real estate-related services such
as escrow, flood and tax certifications with life of loan
monitoring, merged credit reporting, property valuations and
appraisals, default management, relocation services, flood,
homeowners and home warranty insurance, exchange intermediary
services, mortgage loan aggregation and fulfillment, multiple
listing services software, mortgage loan origination software,
collateral scoring analytics and real property data. More
information about the FNF family of companiescan be found at
http://www.fnf.com/ and http://www.fidelityinfoservices.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. DATASOURCE:
Fidelity National Financial, Inc., CONTACT: Daniel Kennedy Murphy,
Senior Vice President, Finance and Investor Relations, Fidelity
National Financial, +1-904-854-8120, or Web site:
http://www.fnf.com/ http://www.fidelityinfoservices.com/
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