Fidelity to acquire Eastern Financial Systems Inc. (Technology: Update).Fidelity National Information Solutions, Inc., the nation's most comprehensive source for real estate-related data, technology solutions and services, announced that it has entered into a definitive agreement to acquire Eastern Financial Systems, Inc. ("Eastern"), an industry leading mortgage loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. software system provider. The transaction is expected to close by the end of October. Eastern's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , EMPOWER empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems !, provides the systems and support that enable mortgage and lending customers to meet and exceed their technology objectives through streamlined processes and increased operating efficiency. EMPOWER! has an installed base of 24 of the top 200 mortgage lenders. Over the last 12 months, EMPOWER! has been selected by four of the top 50 and ten of the top two hundred mortgage lenders. Eastern generates additional recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue through both support and maintenance agreements, as well as technology consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" . For the 12-month period ending Sept. 30, Eastern generated $18.5 million of revenue and $7.9 million of pre-tax income. Over the last three years, Eastern has produced compounded average revenue growth in excess of 30%. The acquisition is expected to be immediately accretive to earnings. "Eastern provides FNIS FNIS Fidelity National Information Services (Jacksonville, FL) FNIS Fidelity National Information Solutions (Santa Ana, CA) with a tremendous technology and services offering for facilitating a more efficient real estate process," said Patrick F. Stone, chief executive officer. "We can integrate the loan origination platform with our mortgage data products, providing single point access and consistent routing of data. This moves us another step closer to offering more complete data exchange and technical integration between the sales, mortgage lending and settlement service processes of a real estate transaction. We are also excited that the Eastern management and customer care team will continue to manage the operation as a part of the FNIS team." |
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