Canada’s Davis + Henderson to buy Harland Financial Solutions for $1.2 bn

Canadian financial technology provider Davis + Henderson Corp (D+H) yesterday agreed to buy US-based Harland Financial Solutions (HFS) for around $1.2 billion in cash.

Toronto-based D+H said that the acquisition significantly accelerates its strategy to become a leading North American financial technology provider with the addition of mission-critical banking technology solutions and 5,400 US financial institution customers.

"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 unions," D+H CEO, Gerrard Schmid, said in a statement.

"With proven technology solutions that are mission-critical for clients and complementary to our D+H offerings, solid financial performance, including strong cash flows provided under long-term contracts, and an experienced team of approximately 1,350 employees across some 17 locations, HFS adds the scope and scale necessary for D+H to be a trusted market leader in the US,'' he added.

Florida-based HFS is a leading strategic technology partner to financial institution clients, including commercial banks, thrifts and credit unions.

HFS serves 5,400 financial institutions and counts more than half of the top 100 financial institutions in the US as its clients.

The company supplies software solutions and services that help increase institutional performance and drive profitability. Its portfolio of solutions includes branch automation, business intelligence, core processing systems, enterprise content management, financial accounting, lending & compliance, loan servicing, payments, risk management and self service solutions.

HFS operates from offices throughout the US, as well as in Dublin, Ireland, Trivandrum, India and Tel Aviv, Israel.

Raju Shivdasani, CEO of HFS, said, "The combination of D+H and HFS will create a powerful combination with both parties bringing significant capabilities to the North American FinTech market."