News - Escrow.com alliance with Tradeum
Fidelity National Financial, Inc. Announces That Escrow.com Has Formed a Strategic Alliance With Tradeum
IRVINE, Calif., March 22 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), through its majority owned subsidiary, Micro General (OTC Bulletin Board: MGEN), today announced that Escrow.com and its affiliates have formed a strategic alliance with Tradeum, a leading innovator in building digital marketplaces.
The partnership will bring a key ingredient to the Tradeum commerce platform, allowing net market makers to integrate Escrow.com's transaction management services providing online escrow and logistics tracking for buyers and sellers in all its trading communities. The result is a more secure
trading environment with decreased incidence of fraud.
Patrick F. Stone, President and Chief Operating Officer of Fidelity and Chairman of the Board of Micro General said, "We are proud to be a part of expanding digital marketplaces by providing integrated value added services. According to a December 1999 Forrester Research report entitled 'Net Marketplaces Grow Up,' integrated value-added services are a critical success factor for the continued growth of digital marketplaces."
"Our agreement with Tradeum exemplifies our goal to provide the business-to-business marketplace a dynamic and secure means to manage transactions on the Internet," said Escrow.com and MGEN president and chief executive officer John Snedegar. "We look forward to growing our relationship with Tradeum as we expand our Transaction Management Offerings," Snedegar added.
"Escrow.com allows us to offer value-added services and a more complete business-to-business commerce solution to our customers," said Zev Laderman, chief executive officer of Tradeum. "As the demands and expectations for digital marketplaces increase, partners like Escrow.com will allow our customers to successfully build critical mass and extend their competitive advantage."
Headquartered in Irvine, California, Fidelity National Financial, Inc. is the nation's leading title insurance and diversified real estate-related services business. The company's title insurance underwriters -- Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- together issue approximately 30 percent of all title insurance policies nationally. The company provides title insurance in 49 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Canada. In addition, Fidelity, through its principal subsidiaries, performs other real estate related services such as escrow, appraisal services, collection and trust activities, real estate information and technology services, trustee's sale guarantees, credit reporting, attorney services, flood certifications, real estate tax services, reconveyances, recording, foreclosure publishing and posting services and exchange intermediary services in connection with real
estate transactions.
Micro General Corporation (OTC Bulletin Board: MGEN) announced the founding of Escrow.com in October 1999. The technology used by the Escrow.com operating subsidiaries, including its website and infrastructure, was developed by Micro General. For more than 15 years, Micro General has been a leader in the design of escrow programs and more than 800 installations nationwide. In 1998, Micro General's Escrow trust accounting software managed over $100 billion in processed transactions. Currently, the software is responsible for managing escrow balances of more than $1 billion daily.
The Escrow.com companies operate independently of Micro General, a majority-owned subsidiary of Fidelity National Financial (NYSE: FNF). After the closure of the Chicago Title acquisition, announced in August 1999, Fidelity will become the largest title and escrow company in the world. |
