Real estate transaction company First American Financial Corporation has announced that it is acquiring eDocument company Docutech, according to a press release.
“The acquisition of Docutech reflects our steadfast commitment to invest in and grow our core business,” said First American CEO Dennis J. Gilmore. “Moreover, it demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process. 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.”
Docutech was started in 1991 and uses technology to help companies provide and complete documents that are regulatory-compliant for mortgages and home equity loans. The company has been actively pushing a mission of transforming the real estate industry to a more digital-leaning ecosphere.
“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,” said Docutech CEO Amy Brandt. “The Docutech 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. 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 will help First American provide its customers with end-to-end settlement and mortgage services. Docutech’s technology is already integrated with prominent third-party and proprietary loan origination systems, and it has access to 175 lenders.
Docutech’s management team will continue to run the company. The deal is expected to close by the end of March. Bank of America Securities is operating as a financial advisor to First American, and Raymond James will handle that role for Docutech.
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