The First American Corp. has completed its acquisition of Basis100, a supplier of automated valuation models to the mortgage lending industry.
The net cash purchase price was approximately $33 million. The transaction closed Wednesday.
“Property valuations are an important component of First American’s multiproduct bundles, and demand for electronic real estate valuations and other data-driven products is increasing,” said Parker S. Kennedy, president and chief executive officer of The First American Corp.
First American expects to benefit from the elimination of overhead costs associated with duplicate facilities, infrastructure and administrative functions.
First American’s primary business segments include title insurance and services, specialty insurance, trust and other services, mortgage information, property information, credit information and screening information.
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