First American Financial Corporation, a provider of title insurance, settlement services, and risk solutions for real estate transactions, and Docutech, a provider of document, eClose, and fulfillment technology for the mortgage industry, announced the signing of an agreement for First American’s acquisition of Docutech.
Founded in 1991, Docutech leverages technology to help financial institutions quickly and accurately provide regulatory-compliant loan documents for mortgage and home equity lending. The company’s solutions are widely used by lenders across the U.S. and have contributed to the industry’s evolution toward a digital real estate closing experience.
“The acquisition of Docutech reflects our steadfast commitment to invest in and grow our core business. Moreover, it demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process,” said Dennis J. Gilmore, CEO at First American Financial Corporation. “We’re excited to soon welcome to First American the people of Docutech, a highly respected leader in the document technology solutions industry. Together, we will accelerate the evolution of real estate closings.”
The acquisition of Docutech and its innovative technology complements First American’s existing capabilities and industry-leading property and homeownership data, advancing First American’s ability to provide lender customers with end-to-end digital mortgage and settlement services. Docutech’s technology platform, which is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.
Docutech’s management team, including President and CEO Amy Brandt, will continue to lead the company’s operations.
“Joining the First American family strengthens our ability to provide products and services that help lenders offer a more digital mortgage experience and adapt to today’s changing business landscape. The Doctutech team will now have enhanced access to First American’s industry-leading property data and its other industry-leading products and services, further enhancing the quality, accuracy, and speed of our services,” Brandt said. “Our employees will also benefit by being part of a company named to the Fortune 100 Best Companies to Work For list four years in a row.”
The acquisition is expected to be accretive to First American’s earnings in 2020. The transaction is expected to close by the end of March, subject to customary closing conditions.
In connection with the transaction, BofA Securities is acting as financial advisor to First American and Raymond James is acting as financial advisor to Docutech.