FNF Puts LPS and ServiceLink into New Subsidiary
Fidelity National Financial is placing its ServiceLink division as well as the businesses acquired from Lender Processing Services into a new subsidiary, Black Knight Financial Services Inc.
Thomas H. Lee Partners LP holds a 35% stake in each of Black Knight’s two operating subsidiaries, ServiceLink Holdings LLC and Black Knight Financial Services LLC. THL received a contractual stake in these businesses in October when the LPS deal terms were revised to increase the cash component.
Besides the LPS technology, analytics and data businesses, Black Knight Financial Services LLC owns ServiceLink’s technology offerings. The products being marketed through this unit are the three loan origination systems, Empower, PCLender and Lending Space; the RealEC portal; the MSP mortgage servicing platform; LPS Desktop and Fusion, servicing workflow platforms; and the property and loan performance databases.
ServiceLink LLC will also include LPS’ transaction services division. It provides title, closing and escrow services; flood certifications; appraisals; and default services.
William Foley II is the chairman of both FNF and Black Knight Financial Services Inc. Tom Sanzone is the chief executive of Black Knight Financial Services LLC, while Chris Azur is now CEO of ServiceLink. Kirk Larsen is the chief financial officer of Black Financial Services Inc. He is the former corporate executive vice president of finance and treasurer of FIS.