Bucharest, Romania (May 22, 2002) - Landata Group Inc. (Landata), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE: STC), has joined with IBM Romania to modernize public land records for the Romanian government. Landata is a single source for real estate information systems, offering proprietary databases and customized services for both the private and public sectors. IBM is a leading information technology provider, with a history of successful implementations of modern IT solutions around the globe. Together, IBM and Landata will create and implement a fully integrated modern cadastre and land book registration system to better develop and manage land records, key to healthy real estate economies anywhere in the world. The end result will improve the completeness, accuracy, timeliness and usefulness of the information utilized by the Romanian citizens in their daily land transactions.
"This is a historic project for Romania, and the Landata team is thrilled to be a part of this effort, which is so fundamental to the future of the country," said Jill Urban-Karr, president, Landata Geo Services. "We look forward to working with our partners at IBM and within Romania to enhance the government's services to its citizens."
Landata will apply its expertise in geographic information systems (GIS) to develop unique applications such as map maintenance, land record research, including taxation and ownership information, project tracking, and contractor licensing. Landata also will install its LANDSCAN® public land record system to automate land registration from filing through retrieval. All of the programs will run on IBM-installed high-speed hardware and software products. IBM, based on its competence and previous experience in similar large projects accomplished in Romania as well, will perform system integration and overall project management.
The result will be a single source system for land records in both urban and rural areas that will streamline the process for securing real property rights; provide reliable information for private investments in agriculture, housing and industry; support the development of an equitable tax system and promote the privatization process for Romanian industry and land properties.
The initial contract calls for IBM and Landata to complete work in seven of the 42 total Romanian judets (counties). Landata will serve as subcontractor to IBM. Landata and IBM hope to continue working with the Romanian Government to bring the technology to the other judets as well.
Landata brings a wealth of international experience to the Romanian project. Landata completed a land registration and titling project for the nation of St. Lucia, as well as entire land registration systems for Trinidad and Tobago and the U.S. Virgin Islands.
"Stewart has been working overseas for 15 years, using our knowledge of land record systems to enhance the lives of people around the world in public land record systems and defendable private property ownership," said Stewart Morris Jr., president, Stewart Information Services Corp. "We are pleased to work with IBM in this excellent example of the way Stewart's varied public land record expertise can help create local solutions for our international governmental clients."
Stewart's international division, Stewart Information International, is bringing the corporation's multi-faceted real estate expertise to countries around the world. From land privatization in the former Soviet Republics of Georgia and Moldova to title guaranty in Mexico and Costa Rica, Stewart is helping ensure that people around the world enjoy the benefits of property ownership.
IBM is the world's largest information technology company, with more than 80 years of leadership in helping businesses innovate. IBM creates, develops and manufactures the industry's most advanced information technologies, including computer systems, software, networking systems, storage devices and microelectronics. The fastest way to get more information about IBM is through the IBM home page, at www.ibm.com.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate Information Company. Stewart provides title insurance and related information services through more than 5,900 issuing locations in the United States and several international markets. More information about Stewart can be found at www.stewart.com.