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Fidelity
National Financial, Inc. Announces Acquisition of Bankware
Jacksonville,
Fla. -- (April 7, 2004) -- 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 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 companies can be found
at www.fnf.com and 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.
SOURCE:
Fidelity National Financial, Inc.
CONTACT:
Daniel Kennedy Murphy, Senior Vice President, Finance and Investor
Relations, 904-854-8120, dkmurphy@fnf.com
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