First American Real Estate Solutions has purchased a 38 percent interest in privately held RP Data Limited, a provider of property information for Australia and New Zealand. The new partnership and ownership interest will extend First American’s information services and analytics to real estate, direct marketing and mortgage banking sectors in New Zealand, Australia and the Asia Pacific region, the company announced last week.
Headquartered in Brisbane, Australia, RP Data will serve as the base for First American RES’ expansion into Australia, New Zealand and Southeast Asia. First American RES’ products and services will be integrated into RP Data’s existing operations through a licensing agreement for First American RES’ intellectual property, platforms and technologies, including First American RES’ automated valuation and collateral risk products.
The partnership will enable RP Data to be among the first companies to introduce automated valuation models, or AVMs, in Australia and New Zealand.
As part of the alliance, First American will hold two of the five seats on RP Data’s board of directors.
Other shareholders of RP Data include the company’s founder, Ray Catelan, and Macquarie Bank, Australia’s leading investment bank.
The First American Corp. has operated in Australia since 1996 when it established First American Title Insurance Co. of Australia Pty Limited. The company conducts business under the name First Title and provides title insurance and related services in Australia and New Zealand.