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| Indecomm and LandAmerica announce joint venture with the formation of Intelligent Document Processing Company, IntelliHub Solutions and Services |
| Bangalore -Indecomm Global Services, a widely recognized international business process services firm, and LandAmerica Financial Group, Inc. (NYSE: LFG), a leading provider of real estate transaction services, announce the formation of IntelliHub Solutions and Services, a joint venture between the two companies. The new firm is an Intelligent Document Hub (IDH) serving the mortgage, remittance processing, financial services, and healthcare industries. It will be located in Louisville, Kentucky. Currently, the LandAmerica Agency Services Center in Louisville meets the document processing needs of LandAmerica’s extensive network of 10,000 title insurance agents. IntelliHub will eventually manage this function while also providing such services to clients in other industries. The IDH is a unique concept that integrates the ability to handle complex business documents, convert them into a digital format, and manage them using a proprietary onshore-offshore processing model. The result is a turnkey business process solution for clients seeking to outsource document-based processes and lower costs by converting fixed costs into a variable cost structure. |
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LandAmerica President and CEO Theodore L. Chandler, Jr. stated, “The formation of IntelliHub enables our company to apply standardization and the benefits of an offshore operation to non-client facing services, while strongly differentiating LandAmerica through a customer-focused solution to processing complex documents. This creative solution is consistent with our forward-thinking approach to growing our business.”
Naresh Ponnapa, President and CEO of Indecomm, confirms, “IntelliHub is yet another exciting development that ties in with Indecomm’s inorganic growth strategy. LandAmerica will benefit by achieving the scale, increased quality, lower costs, and growth opportunities it seeks, while Indecomm will gain the ability to market our expertise in document management, workflow technologies, and related business process services to other clients in the financial services and healthcare industries.” |
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| About Indecomm Global Services |
About LandAmerica Financial Group, Inc. |
| Based in Iselin, New Jersey, Indecomm Global Services is an ISO 9001:2000 and BS7799 accredited company which offers business process and IT services to customers in the domains of mortgage processing, financial services, benefits administration, healthcare and insurance. The company’s onshore-offshore based operations are the central point of its global delivery model, offering clients both scale and cost advantages. Expertise in imaging and workflow technologies and extensive knowledge of processes and domains have enabled Indecomm to produce significant, measurable business gains for its clients. Indecomm is featured in Red Herring's list of the top 200 private companies in Asia; it has been ranked among the top five emerging services companies by The Indus Entrepreneurs (TiE) and featured among the list of top 20 companies for the year 2004-05 by Business Today, India’s leading business magazine. |
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Based in Richmond, Virginia, LandAmerica Financial Group, Inc. is a leading provider of real estate transaction services. Through its many subsidiaries, LandAmerica serves residential and commercial customers with more than 900 offices and a network of 10,000 active agents throughout the United States, Mexico, Canada, the Caribbean, Latin America, and Europe. LandAmerica is recognized on Fortune magazine’s 2006 list of America’s most admired companies and is ranked as a Fortune 500 and Forbes Platinum 400 company. |
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