Industry News

Fidelity buys 45% stake in Fortune Infotech

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Fidelity National Financial today said it has acquired a 45.5 percent stake in Fortune Infotech Limited from Covansys Corp. Jacksonville, Fla.-based Fidelity said Fortune Infotech, headquartered in Baroda, India, is a provider of offshore outsourcing services, with a specific focus on business process outsourcing. Fortune Infotech provides back-office services, such as transaction processing, claims processing and accounts-payable processing services. "This investment in Fortune Infotech is an important step in our goal of continually improving our business process outsourcing capabilities," said Chairman and Chief Executive Officer William P. Foley II. "A cohesive back office service strategy will allow the FNF family of companies to provide more efficient title production, loan production, loan administration and lender services to our customers in the future. There are significant opportunities to differentiate the services we provide across our family of companies through an int...