JACKSONVILLE, Fla. – Fidelity National Financial, a tech firm that has acquired its way into being a major player in the CU space, is planning a $500 million IPO and spinoff of its non-insurance business into a new IT entity, only months after acquiring many of those operations. The title insurance giant in the past year has bought Aurum Technology, which itself had recently acquired Computer Consultants Corp., a core processor for several hundred small credit unions. Other FNF acquisitions included Sanchez, core processor Alltel Information Services (its sole credit union client is the biggest, Navy Federal), Bancware and Pro-Soft. Half of the planned IPO proceeds would be used to pay down debt and the new company – which would be called Fidelity National Information Services (FIS) – would consist of three primary units: Financial Institution Software and Services, Lender Outsourcing Solutions, and Information Products and Services, the company said. "The IPO and subsequent spinoff of FIS will allow us to position these businesses for the future and provide a separate, publicly traded currency that can be used in its business, including helping to finance future acquisitions," said William Foley, Jacksonville-based FNF's chairman and CEO. "FNF, on the other hand, will focus on its leading market position in the title insurance industry, as well as growing its other specialty insurance businesses," Foley said. Foley will be chairman and CEO of the new company while remaining chairman of FNF. The company said current President Randy Quirk will add CEO to his role at FNF. Pending a favorable tax ruling from the Internal Revenue Service, FNF hopes to complete the spinoff by the middle of next year, it said.

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