Fidelity National (FNF) Acquires Majority Stake In SkySlope

Fidelity National Financial, Inc. (NYSE:FNF) has announced that its FNF Group has recently acquired a majority stake in SkySlope, Inc. However, the transaction’s financial details remain under wraps.

SkySlope provides digital transaction management services and closing solutions to real estate professionals. SkySlope’s cloud-based digital transaction management platform is used by over 1,500 brokerages, covering 5,000 offices. Last year, the company assisted 0.1 million agents to initiate approximately 1.5 million real estate transactions.

Fidelity National Financial is a leading provider of title insurance and transaction services to the real estate and mortgage industries. This buyout is expected to add capabilities to Fidelity National Financial’s product portfolio, thereby enabling the company to utilize the best of technology to provide quality services to real estate agents and brokers. Further, this will help them gain more customers and close more transactions, boosting the trade in turn.

SkySlope’s transaction management platform and SkyTC transaction coordination services are also part of this acquisition. Its robust technology and an in-depth expertise in digital transaction management are anticipated to be highly accretive to the acquirer’s portfolio.

Fidelity National Financial consistently pursues strategic acquisitions in a quest to boost product portfolio as well as diversify the same. On Jun 28, 2017, the company had acquired a majority stake in Title Guaranty to consolidate its title and escrow service capabilities. A strong financial position with steady operational performance supports Fidelity National Financial in driving strategic initiatives.

Zacks Rank and Share Price Movement

Shares of Fidelity National Financial have outperformed the industry in a year’s time. While the stock has surged 33.4%, the industry has gained 27.3%. Strategic plans to boost operational performance are expected to drive the stock higher.

Fidelity National Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

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