ST. PETERSBURG , Fla. and BROOKFIELD, Wis., Jan. 2 /PRNewswire/ -- First Advantage Corporation (Nasdaq: FADV), a global risk mitigation and business solutions provider, and Fiserv, Inc. (Nasdaq: FISV), a leading provider of information technology services to the financial industry, today announced that First Advantage has purchased the assets of CredStar, Fiserv's mortgage credit reporting business unit.
The purchase of CredStar expands First Advantage's market leadership in the U.S. mortgage credit reporting industry, where it already services 19 of the top 20 lenders. Terms of the acquisition were not disclosed.
"CredStar represents a carefully chosen strategic fit that will help us expand the market share of our Lender Services segment," said First Advantage President and Chief Executive Officer Anand Nallathambi. "Combined with our market presence and scale, this acquisition helps us with consolidation benefits and will provide an excellent opportunity to work with Fiserv as a strategic alliance partner in the credit union and banking industries."
"At Fiserv, we are committed to focusing on businesses where we have market leadership. In reviewing our portfolio, we determined that First Advantage has the ability to take CredStar to a new level of success. Our clients will be well-served through this acquisition," said Tom Warsop, president of Fiserv's Financial Institutions Group.
CredStar is based in Los Angeles and operates satellite offices in Arlington Heights, Ill., Phoenix and Philadelphia . It provides credit information solutions to its mortgage lender clients via WebStar, a Web-based platform that delivers credit reports in an average response time of less than five seconds. The system also provides custom connectivity to most major loan originating systems.
About Fiserv, Inc.
Fiserv, Inc. (Nasdaq: FISV), a Fortune(R) 500 company, provides
information management and electronic commerce systems and services to the
financial and insurance industries. Leading services include transaction
processing, outsourcing, electronic bill payment and presentment, investment
management solutions, business process outsourcing (BPO), software and systems
solutions. Headquartered in Brookfield, Wis., the company serves more than
21,000 clients worldwide and is the leading provider of core processing
solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the
largest provider of information technology services to the financial services
industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007,
the company completed the acquisition of CheckFree, a leading provider of
electronic commerce services. Fiserv and CheckFree had more than
About First Advantage Corporation
First Advantage Corporation (Nasdaq: FADV) combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the mortgage, automotive and specialty finance markets; business credit information in the transportation industry; lead generation services; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; insurance fraud, corporate and litigation investigations; surveillance; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software and renters insurance. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in St. Petersburg , Fla., and has more than 4,700 employees in offices throughout the United States and abroad. More information about First Advantage can be found at www.FADV.com.
First Advantage is a majority-owned subsidiary of The First American Corporation (NYSE: FAF), a FORTUNE 500(R) company that traces its history to 1889. First American is America's largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people's lives. Additional information about the First American Family of Companies can be found at www.firstam.com.
SOURCE First Advantage Corporation