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Realty Data Corporation gets expansion funding. (Technology Update).

Mineola, N.Y. headquartered Realty Data Corporation, a provider of comprehensive real estate information for the financial services sector, announced that the company has received significant funding which will be instrumental in the company's regional and national expansion efforts. Michael Forgas and Richard Hvizdak, of Pittsburgh-based National Real Estate Information Services, made the personal investment in Realty Data after becoming familiar with the company's services and revolutionary approach to real property report generation.

The receipt of these investment funds follows Realty Data's recent announcement that the company has formed a strategic alliance with ACS, Inc., a leading provider of business process and information technology outsourcing solutions.

"Realty Data is a company with an innovative system for searching real property records and creating comprehensive reports," said Richard Hvizdak, president National Real Estate Information Services. He added, "We became aware of their service over a year ago and shortly thereafter, our company became a client. This allowed Mike Forgas and me to see first hand how cost effective and rapid Realty Data's system is at providing information. We are convinced that this system will become the industry standard and for that reason we decided to invest personally in the company."

The funds provided by these investors will be utilized by Realty Data to enhance the company's web site, make technology infrastructure improvements, purchase data, increase sales staff and implement a national marketing effort. Together these efforts will permit the company to offer additional services and expand more rapidly into new markets.

"With this funding and our recent agreement with ACS we are looking to add additional records and images from many new counties to our database every quarter during 2002 and 2003. When well known industry leaders like Mike Forgas and Richard Hvizdak decide to invest in a company like Realty Data it reaffirms that our system offers value to the title and financial services industries," said Realty Data Corp. CEO, David Drucker.

"The world of real estate records and reports is entering a new phase. Technology and the Internet are transforming the data searching and title report generation process. Realty Data is an emerging leader in this area and we expect great things from the company in the years to come," said Michael Forgas, managing director for National Real Estate Information Services.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 23, 2002
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