Wolters Kluwer Financial Services Closes its Acquisition of the Assets of Stewart Lender Services’ Flood Determination Business
MINNEAPOLIS – Feb. 6, 2008 – Wolters Kluwer Financial Services today announced the close of the acquisition of the assets of Stewart Lender Services’ (Stewart’s) flood determination business.
Wolters Kluwer Financial Services combined the assets of Stewart’s flood determination business with its own PCi line of flood determination solutions, which offer accurate, efficient and affordable determinations compliant with all federal flood regulations, government agencies and loan servicers. A subsidiary of Stewart Title Company and part of Stewart Information Services Corporation (NYSE:STC), Stewart’s flood determination division offers solutions including basic certification, basic plus life of loan, portfolio review and commercial flood determinations.
“Both companies share a commitment to offering their customers trusted solutions and exceptional service, and that has translated to a smooth transition for the lenders involved in this acquisition,” said Brian Longe, president and chief executive officer for Wolters Kluwer Financial Services. “Going forward we’ll continue to build upon the flood determination services and support these lenders have come to know and trust.”
“We are confident that our former flood determination customers are pleased with the level of services and support Wolters Kluwer Financial Services will offer them,” said Don O’Neill, chief executive officer, Stewart Lender Services.
The acquisition was announced January 3, 2008. Terms of the agreement are not being released.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne® GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
About Stewart Lender Services
Stewart Lender Services, Inc. is a leading provider of mortgage information and services that accelerate loan origination process and reduce costs associated with post closing and loan servicing functions. SLS’ suite of products and services includes: credit, valuation products, nationwide title and settlement services, electronic mortgage documentation solutions and background checks. Online Documents Inc. a subsidiary of SLS, offers three-day initial disclosure and closing document packages for all 50 states within minutes of a request, and maintains a library of more than 50,000 documents pertaining to virtually all loan type and every major investor in the residential mortgage lending market.
About Stewart Information Services Corporation
Stewart Information Services Corp. is a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.
Contact:
Jennifer Marso
Director of Corporate Communications
Wolters Kluwer Financial Services
612 852 7912
Jennifer.marso@wolterskluwer.com
Chuck Miller
Senior Public Relations Specialist
Wolters Kluwer Financial Services
320 240 5457
Charles.miller@wolterskluwer.com
Ted C. Jones
Director – Investor Relations
Stewart Title Guaranty Co.
713 625 8014
Ted@Stewart.com