Fidelity National Financial, Inc. Announces Acquisiton of ClearPar(SM), LLC
December 13 2004 - 7:30AM
PR Newswire (US)
Fidelity National Financial, Inc. Announces Acquisiton of
ClearPar(SM), LLC JACKSONVILLE, Fla., Dec. 13
/PRNewswire-FirstCall/ -- Fidelity National Financial, Inc.
(NYSE:FNF), a Fortune 500 provider of products and outsourced
services and solutions to financial institutions and the real
estate industry, today announced the acquisition of ClearPar(SM),
LLC ("ClearPar") a provider of technology and services that
delivers primary and secondary commercial loan trade settlement
services. ClearPar provides the first fully operational web-based
commercial loan settlement system dedicated to the efficient
settlement of par loan closings in the primary syndication and
secondary loan trading markets. The ClearPar system simplifies
trade settlement by providing an integrated, collaborative,
real-time environment for buyers and sellers to create, review,
approve, and execute secondary trade and syndication documents.
System generated documents include trade confirmations, assignment
and acceptance agreements, net-off letters, multilateral agreements
and funding memoranda. Since its inception in June 2000, the
ClearPar system has settled nearly $172 billion in combined par and
secondary loan trades and primary issue syndications. "The ClearPar
acquisition provides a mid-office commercial loan settlement
solution that can be integrated with our existing front-office
syndication and trading solutions and our back-office commercial
loan servicing systems," said Chairman and Chief Executive Officer
William P. Foley, II. "We now have the tools to provide the only
completely integrated, inter-party automated processing solution
that spans the life of commercial and syndicated loan transactions,
from origination through trade settlement, servicing and ultimate
maturity." 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.
FNF had total revenue of more than $6.2 billion and earned more
than $560 million for the first nine months of 2004, with cash flow
from operations of more than $925 million for that same period. FNF
is the nation's largest title insurance company, with more than 30
percent national market share, and is also a provider of other
specialty insurance products, including flood insurance, homeowners
insurance and home warranty insurance. Through its subsidiary
Fidelity National Information Services, Inc. ("FIS"), the Company
is a leading provider of technology solutions, processing services
and information services to the financial services and real estate
industries. FIS' software processes nearly 50 percent of all U.S.
residential mortgages, it has processing and technology
relationships with 45 of the top 50 U.S. banks and more than 3,600
small and mid-sized U.S. financial institutions, and it has clients
in more than 50 countries who rely on its processing and
outsourcing products and services. FIS also provides customized
business process outsourcing related to aspects of the origination
and management of mortgage loans to national lenders and servicers.
FIS offers information services, including property data and real
estate-related services that are used by lenders, mortgage
investors and real estate professionals to complete residential
real estate transactions throughout the U.S. More information about
the FNF family of companies can be found at http://www.fnf.com/ and
http://www.fidelityinfoservices.com/. ACBS is an integrated family
of commercial lending solutions that automates the entire range of
commercial lending activity, from deal origination, syndication,
servicing and trading through portfolio management. The products
operate in real-time managing any currency. ACBS products run on
Windows and IBM iSeries platforms or through an application service
provider and are licensed by over 70 leading financial
institutions, including ABN AMRO, Bank of America, Barclays,
Canadian Imperial Bank of Commerce, Dresdner Bank, JPMorgan Chase,
Merrill Lynch, PNC and Scotiabank. 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, Inc.,
+1-904-854-8120, or Web site: http://www.fnf.com/
http://www.fidelityinfoservices.com/
Copyright
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Sep 2023 to Sep 2024