First American Financial Corporation, a global provider of title insurance, settlement services and risk solutions for real estate transactions, has agreed to purchase Docutech, a provider of document, eClose and fulfillment technology for the mortgage industry.
No financial details were released. The transaction is expected to close by the end of March, subject to customary closing conditions.
“The acquisition of Docutech … demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process,” said Dennis J. Gilmore, CEO at First American Financial Corporation, in an announcement. “Together, we will accelerate the evolution of real estate closings.”
In the announcement, First American said the acquisition will improve the company’s ability to provide lender customers with end-to-end digital mortgage and settlement services. With total revenue of $5.7 billion in 2018, the company offers its products and services directly and through its agents throughout the United States and abroad.
Read more about the announcement.