The acquisition of HFS, which offers lending and compliance, core banking, and channel management technology to banks, credit unions, and mortgage companies, will enhance its revenue, cash flow and geography with a pro forma client base of over 6,200 in North America.
Commenting on the transaction, Harland Clarke Holdings CEO Chuck Dawson said, "Harland Clarke Holdings will continue to focus on aggressively building and further diversifying our portfolio of industry-leading businesses."
D+H CEO Gerrard Schmid added, "Acquiring HFS fully aligns with D+H’s FinTech vision and our objective of growing our technology capabilities and value proposition in the service of banks and credit union.
Harland Clarke’s payment technologies comprise cheques, cards and related products and services, as well as value transactional documents, among others.
Pending receipt of approvals from regulators and satisfying customary closing conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, the transaction is likely to conclude during third quarter of 2013.
Credit Suisse Securities (US) served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison was appointed to offer legal counseling to Harland Clarke over the deal.
