JACKSONVILLE, Fla., Nov. 2 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. announced today it has acquired Watterson Prime, LLC, a leading provider of due diligence services to financial institutions worldwide.
FIS delivers technology and services to support every aspect of the mortgage industry, from originations to servicing to settlement. Watterson Prime provides outsourced loan due diligence services to Wall Street investors and other financial institutions that invest in and securitize mortgage loans. The due diligence process includes evaluating the integrity of the data used in underwriting the original loan, performing an assessment of the collateral used for the loan and ensuring the loans are compliant with federal and other regulations.
As a result of this acquisition, Watterson Prime's due diligence services will be integrated with other FIS service offerings, such as the FIS Hansen Quality HQ Score, and will allow investors and other participants in the mortgage capital markets to obtain fully integrated service delivery for their contract finance needs. The FIS HQ Score, available in PRO and PREVIEW, was the first collateral risk score adopted by Wall Street investors and protects clients against property valuation fraud and overvaluation risk.
"This acquisition expands our product breadth and our ability to assess risk and certify the quality of mortgage portfolios," said Eric Swenson, president of the Mortgage Information Services division of FIS. "It also enables us to develop innovative products and provides us with a competitive advantage in the marketplace."
"We are delighted to be working with FIS as we continue to help our clients with new ways to reduce risk in the mortgage capital market," said Bruce Watterson, president of Watterson Prime. "FIS has the capital, the technology and the commitment to help our customers become increasingly more profitable by enabling them to make better informed decisions."
The transaction closed on Nov. 1, 2006. Financial terms of the transaction were not disclosed.
About Fidelity National Information Services (FIS)
Fidelity National Information Services, Inc. is a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top 10. Nearly 50 percent of all U.S. residential mortgages are processed using FIS' Mortgage Servicing Package, the company's flagship mortgage processing software. Headquartered in Jacksonville, Florida, FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/.
FIS is a majority-owned subsidiary of Fidelity National Financial Inc. , number 248 on the Fortune 500 and a provider of outsourced products and services to a variety of industries. More information about FNF can be found at http://www.fnf.com/.
About Keefe, Bruyette & Woods, Inc.
Keefe, Bruyette & Woods, Inc. was the financial advisor to Watterson Prime. Keefe, Bruyette & Woods, Inc. is an institutionally oriented securities broker/dealer and full-service investment bank that specializes in the North American and European financial services sectors. Founded in 1962 and 100- percent employee-owned, the firm has long been recognized as a leading authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance sectors. For more information, please visit http://www.kbw.com/.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
