Investment fuels strategic growth of leading edge commercial real estate application.
Santa Ana, CA (PRWEB) December 2, 2004 -- RE3W World Wide Limited (www.RE3W.com), the independent software developer of the Internet-based RE3W commercial real estate application, announced today that it has received an additional $1 million in investment funding from The First American Corporation (NYSE: FAF), the nations largest data provider and a premier service provider to the commercial real estate industry.
The cash investment will enable RE3W to further develop and market its revolutionary commercial real estate technology, which integrates Internet functionality with Microsoft Web services to reduce the time and expense for those participating in commercial real estate transactions. First American has served as a principal investor in RE3W since the companys establishment in 2000, providing an initial investment of $1 million to help RE3W founder and industry veteran Richard Dick" Frost bring his idea to life.
Unlike traditional Internet companies, we didnt seek venture capital as a source of seed money," recalled Frost. Instead, we went back to those with whom we had originally consulted, the leaders in the commercial real estate community, and asked that they participate financially. Their backing then, and continued support today, demonstrates that RE3W is on the right track."
"First American is pleased to continue its investment in this breakthrough company," said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. "Our second investment in RE3W is consistent with our commitment to constant innovation and to helping make the best possible products available for our clients."
RE3W recently announced the beta launch of RE3W Version 1.0, which focuses on the origination portion of the commercial real estate transaction process. Several commercial real estate professionals are currently testing the application. RE3W expects to have more than 5,500 subscribers using the application by mid-2005.
Long-term, were providing participants with the tools and information necessary to originate, negotiate and conclude each transaction," Frost said. "Using proprietary search, storage and file sharing technology, were reducing commercial real estate sales transaction times from months to days."
About RE3W
Founded in 2000, RE3W (www.re3w.com), is an Internet-based, commercial real estate application that uses proprietary search technology to seamlessly integrate the transaction process (origination, negotiation and closing) into a secure, digital file allowing subscribers to monitor deal flow, while communicating and sharing selected data with clients, staff, service providers and investors.
About First American
The First American Corporation (NYSE: FAF), is a Fortune 500 company that traces its history to 1889. As the nations largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of peoples lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.21 billion in 2003, First American has 30,000 employees in approximately 1,800 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
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