First American Inks Pact With RP Data

Business information provider First American(FAF Quote - Cramer on FAF - Stock Picks) said Wednesday it entered into a strategic alliance with RP Data, a privately-held provider of property information for Australia and New Zealand.

Santa Ana, Calif.-based First American purchased a 38% interest in RP Data; terms of the deal were not disclosed.

The alliance would facilitate RP Data's expansion in the Asia Pacific region, the First American said.

"First American has had considerable success adapting title insurance and related service offerings to overseas markets, and we anticipate similar success in providing our property data and analytics expertise in international markets."

Shares of First American closed up 8 cents at $39.48 Wednesday.