Fidelity National Financial, Inc. Announces FNF Group Acquisition of Commissions, Inc.
JACKSONVILLE, Fla., July 26, 2016 /PRNewswire/ -- Fidelity National Financial, Inc. today announced that FNF Group (NYSE: FNF) has signed a definitive agreement to acquire Commissions, Inc. ("CINC"), the fastest-growing provider of an end-to-end SaaS CRM, lead generation and lead management software platform focused on high-performing residential real estate agents and agent teams.
Product offerings include software, marketing and services designed to enhance the productivity and sales results of elite Realtors® and agent teams through lead generation and proactive lead management. CINC has more than 1,500 customers who collectively have closed more than 170,000 residential real estate transactions over the last twelve months.
"We are excited to partner with CINC to bring value-added technology and services to our Realtor® customers," said Chairman, William P. Foley, II. "To this point, CINC's strong revenue and customer growth has been largely organic, with minimal sales force efforts needed. We plan to leverage FNF's title sales force to proactively cross-sell the CINC product suite to our leading customers. With CINC's solid existing customer base, innovative product set and our combined plan for continued development of the CINC product suite, we find the opportunity for further significant revenue and EBITDA growth to be compelling."
"We look at everything from a 360-degree perspective," said Duane LeGate, CEO of CINC. "Joining FNF is a huge win for everyone involved. Our clients get fresher, richer data with more access to actionable home buyers and sellers. Our employees get the capabilities and backing of a Fortune 500 company to help accelerate our growth. Most importantly, we are perfectly aligned culturally and know that we will be able to continue running the business as we always have, but with vastly increased resources."
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services and ServiceLink Holdings. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, Inc. More information about FNF and FNFV can be found at www.fnf.com.
About CINC
Founded in Marietta, Georgia in 2011, CINC (Commissions, Inc.) is the leading provider of web-based real estate marketing and CRM software for elite agents and teams across North America. The solution includes a consumer website that integrates with local MLS data, a complete CRM platform that allows real estate agents to nurture clients and monitor their business, and access to two mobile apps (CINC Agent App and Houses.net). Built with the support and input of some of North America's top brokers, CINC powers the businesses of thousands of agents and connects them with millions of consumers every month. CINC's Co-Founder and CEO, Duane LeGate was recently announced as an Ernst and Young Entrepreneur of the Year 2016 Award winner for the Southeast division. Along with this award in 2016, CINC has been highlighted as Atlanta's Top Workplace by the Atlanta Journal Constitution, one of the Top 40 Innovative Technology Companies in Georgia by the Technology Association of Georgia (TAG), the 5th fastest growing company by the Atlanta Chapter of The Association for Corporate Growth (ACG) and a Pacesetter Honoree by the Atlanta Business Chronic.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future 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 financial and operating results 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, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; 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.
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SOURCE Fidelity National Financial, Inc.
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