Fidelity National Information Solutions (Nasdaq: FNIS), a real estate-related information services and
technology solutions provider, and Environmental Data Resources, Inc. (EDR), a national
provider of environmental information for the commercial real estate market,
today announced that EDR acquired FNIS' environmental information business
units, including assets previously owned by VISTAinfo and EcoSearch
Environmental Resources, Inc.
Acquired by FNIS in August 2001, the FNIS environmental services division
sold raw and value-added data regarding environmental risk to commercial
lenders, engineers and other entities for use in connection with evaluating
non-residential real property. FNIS intends to use the proceeds from the sale
to further enhance the company's core business proposition of providing data,
services and solutions to the real estate transaction.
FNIS President and COO Eric Swenson commented that, "FNIS' primary
customers are residential lenders and real estate professionals, and our
mission is to provide them with comprehensive data, solutions and services
that increase their productivity and enhance their earning potential by
positioning them at the point of sale. The services provided by our
environmental services division were primarily used by commercial lenders and
the engineering community, neither of which are prime markets for our
organization. Since EDR is focused on providing services to these market
segments, this transaction is strategic for both parties."
FNIS transitioned its environmental operations to EDR on Monday, March 25,
2002. In preparation for the acquisition, EDR significantly expanded its
customer service team, and launched a new environmental database report that
will assist in making the transition of clients from FNIS' VISTAinfo and
EcoSearch divisions to EDR as seamless as possible.
EDR CEO Anthony Buonicore commented, "This transaction will generate
significant benefits for the marketplace in general and VISTAinfo and
EcoSearch clients in particular. We have diversified our product offering in
order to provide our new clients with an easy transition and we continue to
make significant investments in the digitization of our historical product
line that will allow us to pass on time and cost savings to our clients. EDR
is committed to providing all of our clients unsurpassed customer service
coupled with the highest quality government environmental records and property
prior use information. The acquisition gives VISTAinfo clients access to the
benefits of our historical information digitization program and newly expanded
government records product line."
Published: March 25, 2002
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