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First American Makes Equity Investment in ComplianceEase - Industry-Leading Technology Providers Partner to Offer Essential Bundled Solutions
Published: Mon, 03 Oct 2005, 13:31:00 GMT
SAN FRANCISCO, Calif. - Oct. 3 (SEND2PRESS NEWSWIRE) -- ComplianceEase(R), a premier provider of automated compliance and risk management solutions to the financial services industry, today announced that it has received an equity investment from First American Real Estate Solutions (RES(R)), the nation's largest provider of advanced property and ownership information, analytics and services.
The proceeds will be used to anchor the company's position as a market leader in the automated compliance market by accelerating its already phenomenal growth through enhanced mutual sales and marketing initiatives, and facilitating the development of additional targeted risk management solutions to assist its over 200 clients throughout the mortgage industry.
"ComplianceEase has developed a solid leadership position in the mortgage compliance market," said George Livermore, president of First American RES, who will join ComplianceEase's Board of Directors. "The company is led by a truly visionary management team and supported by a distinguished board of advisors that includes former Federal Reserve Vice Chair Dr. Preston Martin. We are confident that the company's innovative products and commitment to addressing the growing market for automated compliance solutions will continue to fuel its success."
The partnership will enable First American RES' 600,000 users to easily access the company's flagship product, ComplianceAnalyzer(TM), through existing platforms, and as a result will dramatically reduce the cost of complying with the ever changing "high-cost / anti-predatory" and consumer lending laws and regulations. The unique bundling of technologies will also significantly improve an institution's ability to quantify and mitigate areas of operational risk. Financial institutions will now be able to more effectively implement the necessary internal controls dictated by thorough business process management practices, and mandated by recent oversight requirements such as Section 404 of the Sarbanes-Oxley Act.
"The First American RES investment is a testament to the mortgage industry's continuing acceptance of automated compliance solutions, and of ComplianceEase's own cutting-edge technology and innovative products in particular," said John Vong, chairman and CEO of ComplianceEase. "This relationship will enable the two companies to leverage the strong synergies between First American's mortgage technology platforms and ComplianceEase's automated compliance solutions. We believe that partnering with First American will help us achieve our goal of being the premier provider of compliance and risk management solutions to the mortgage industry."
Under the terms of the agreement, First American RES has acquired a minority equity stake in ComplianceEase.
About ComplianceEase
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in Burlingame, Calif, is the premier provider of intelligent business solutions to the financial services industry. Its ComplianceEase Web-based platform provides the industry's first automated compliance solution utilizing advanced artificial intelligence reasoning and decisioning technologies as well as natural language processing. ComplianceEase powers beginning-to-end solutions at a fraction of the time and cost of traditional approaches, while providing better accuracy and integrity. ComplianceEase also provides professional services, and consulting services.
For more information on ComplianceEase, visit www.ComplianceEase.com.
About First American RES
First American RES, a member of The First American Family of Companies, is the nation's largest provider of advanced property and ownership information, analytics and services. First American RES' database covers more than 2,500 counties representing 97 percent of the nation's real estate transactions. With more than 600,000 users nationwide, First American RES products are used by companies to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, measure the value of residential and commercial properties, identify real estate trends and neighborhood characteristics, track market performance and increase market share.
More information about First American RES can be found on the Internet at www.firstamres.com.
NEWS SOURCE: ComplianceEase
Send2Press® is the originating wire service for this story.
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REFERENCES: First American Makes Equity Investment in ComplianceEase - Industry-Leading Technology Providers Partner to Offer Essential Bundled Solutions, ComplianceEase, First American RES, Sarbanes-Oxley Act, George Livermore, Oct 3, 2005.
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