Jacksonville, Fla. -- (December 1, 2003) - Fidelity Information Services, Inc. ("FIS"), a division of Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today announced the acquisition of Customized Database Systems, Inc. ("CDS").
CDS is the global leader in front-office software for the loan syndication and trading markets. Founded in 1994, with offices in New York and London, CDS serves many major commercial and investment banks active in the origination and trading of syndicated loans worldwide. CDS will become a part of the ACBS Group within FIS.
"This acquisition creates a powerful, end-to-end solution for the origination, syndication, servicing, and trading of commercial loans," said Richard Levy, President of commercial and wholesale lending for FIS. "Integrating ACBS's DLO and DLS loan origination and servicing with CDS's LoanTrak and SyndTrak will provide our clients with major cost and time savings as well as significant improvements in data integrity. ACBS's DataMart business intelligence product and CDS's SyndTrak Online web marketing system are also important components of what will be the strongest software solution in high-end commercial lending. Our combined client bases include about 65% of the domestic lenders and 55% of the EMEA lenders that are engaged in loan syndications and trading. This large footprint and our broad product line puts us in a unique position to introduce real innovation in the area of administering large syndicated credits."
"Acquisitions are a significant part of our growth strategy," said FIS President Ernest D. Smith. "The acquisition of CDS expands our already premier position in the commercial lending market. It offers both ACBS and CDS clients access to an unrivaled suite of products and capabilities and paves a solid path to increasing integration of function both within and between financial institutions."
"ACBS and FNF are not only financially strong and heavily committed to the markets they serve, but they are both also very well thought of by their clients," said David Levy, Chief Executive Officer of CDS. "By joining ranks with the market leader, we're confident that we've made an excellent decision that will benefit our clients, employees, and in fact the larger commercial lending market."
More information about the FNF's ACBS business can be found at www.acbs.com. More information about CDS is available at www.cds-software.com.
Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of $5.7 billion and earned more than $665 million in the first nine months of 2003, with cash flow from operations of nearly $984 million for that same period. FNF is one of the world's largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2.5 trillion, has processing and technology relationships with 46 of the top 50 U. S. banks and has clients in more than 50 countries who rely on its processing and outsourcing products and services. Additionally, FNF is the nation's largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com.
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.