Stewart REI Group sells GlobeXplorer to DigitalGlobe
HOUSTON (Jan. 8, 2007) – Stewart REI Group Inc., a subsidiary of Stewart Information Services Corp. (NYSE-STC), has sold its subsidiary, GlobeXplorer, to DigitalGlobe. Terms of the sale, which includes cash and stock, were not disclosed.
“The acquisition of GlobeXplorer and its subsidiary, AirPhotoUSA®, by DigitalGlobe is the combination of the ‘best-of-the-best’ in spatial imagery, on-demand online commercial imagery and up-to-date stock aerial photographs,” said Don O’Neill, president, Stewart REI Group. “We are pleased to take an interest in DigitalGlobe, a much larger, global company with its industry-leading archive and high-resolution satellite imagery capabilities.
“With this sale, Stewart has maintained all of its supplier connections with GlobeXplorer and AirPhotoUSA, in addition to expanding its relationship with DigitalGlobe,” said O’Neill. “This move enhances the position of our parent company to grow its core business through offering products and services such as PropertyInfo.com™, the Web portal for powerful real estate information solutions.”
According to DigitalGlobe, its imagery and derivative information products, including its 60-centimeter panchromatic and 2.4-meter multispectral imagery, is the highest-resolution satellite imagery available commercially. The company is building an arrangement of high-resolution earth-imaging satellites as well as a comprehensive geo-information product store, DigitalGlobe.com.
All together, the company says its data sources will represent the market’s most robust collection of up-to-date spatial information – all of which will be marketed via Stewart’s PropertyInfo.com portal.
Stewart Information Services Corp is a customer-oriented, technology-driven, strategically competitive, real estate information 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, mortgage default management solutions, 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/.