General American Corporation Agrees to be Acquired by Fiserv, Inc.
Monday September 22, 9:06 am ET
GAC's settlement services capabilities will expand Fiserv's solution package for the lending and realty industries
biz.yahoo.com
PITTSBURGH, Sept. 22 /PRNewswire/ -- General American Corporation (GAC), one of the nation's leading providers of real estate settlement services and technology solutions to the real estate and lending industries, has agreed to be acquired by Fiserv, Inc. (Nasdaq: FISV). The transaction is expected to close within the next several weeks. The purchase price was not disclosed.
"With RESPA reform impending, the markets are looking for one source to provide a package of settlement service solutions. The addition of GAC positions Fiserv to offer this comprehensive packaging to the realty and mortgage banking industries," said Richard Snedden, president and CEO of GAC. "Working together, we can offer efficiency and reduced costs to consumers, while providing a single source to lenders and settlement service providers for mortgage processing."
Fiserv provides information management systems and services, such as transaction processing, outsourcing, and systems solutions to the financial industry and serves more than 14,000 clients worldwide and is a $2.3 billion company.
"GAC enhances our portfolio of products and services for the lending industry," said Leslie M. Muma, Fiserv president and CEO. "GAC has achieved a great deal of success by making lives easier for lenders in every part of the country. We look forward to bringing the resources of GAC into the Fiserv organization."
GAC operates in two divisions: GAC Direct and GATORSystems. GAC Direct, which generates the majority of GAC revenues, provides settlement services to financial institutions, and GATORSystems licenses technology solutions and software to real estate settlement services providers.
"The mortgage processing and closing tools offered by GAC allow lenders and settlement service providers to move orders, data and products more efficiently and at greatly reduced costs to consumers," said Dennis J. O'Donoghue, COO of GAC. "In addition to cost savings, the result is faster processing, closing and funding of mortgage loans."
"GAC is proud to become part of Fiserv and, together, enhance our ability to provide a comprehensive package of products and services to the industry," added Snedden.
"Our objective at Fiserv is to create the industry's most comprehensive span of lending solutions," said James Puzniak, President of the Fiserv Lending Systems & Services Group. "This transaction brings us closer to that goal."
About General American Corporation
Pittsburgh-based GAC is a leading provider of technology solutions and settlement services to the real estate and mortgage banking industries. The company operates in two divisions: GAC Direct and GATORSystems. GAC Direct is a real estate settlement service provider to financial institutions and realty firms nationwide. Its services are delivered over an Internet gateway connected to three national processing centers. The GATORSystems division licenses technology solutions and software to real estate settlement service providers. GAC services more than 4,000 customers, manages a network in excess of 10,000 independent vendors, and is recognized as a technology leader in the $25 billion real estate settlement services market. GAC is currently majority-owned by Mason Wells, a Milwaukee-based private equity investment fund. GAC can be found on the Internet at www.gac.com. |
