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Davis + Henderson Corp Completes Acquisition of Harland Financial Solutions

Friday, 16 Aug 2013 09:08am EDT 

Davis + Henderson Corp announced it has completed the USD1.2 billion acquisition (the Acquisition) of Harland Financial Solutions (HFS), U.S.-based provider of strategic technology, including lending and compliance, core banking, and channel management technology solutions. With the Acquisition, D+H improves its competitive position by expanding its value-added suite of financial technology (FinTech) products for banks and credit unions and accelerates its strategy of being a North American FinTech provider. The complementary nature of D+H's combined offering is expected to fuel product cross-selling synergies and new revenue opportunities by providing existing and new clients with a more solutions set that they can use to grow, compete, meet compliance requirements and drive operational effectiveness. Inclusive of HFS, D+H now serves approximately 6,200 customers in North America and achieves greater revenue diversification by geography and service line. The all-cash transaction was funded by way of a bought deal prospectus offering of subscription receipts (Subscription Receipts) and 6.00% extendible convertible unsecured subordinated debentures (Debentures) for gross proceeds of $690.2 million and from borrowings under a new committed credit facility. 

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