TORONTO Canadian financial services technology developer Davis + Henderson (D+H) closed its $1.2-billion acquisition of Lake Mary, Fla.-based Harland Financial Solutions last week.
The previously announced, all-cash transaction was financed through a combination of convertible debentures, equity and debt. With the addition of Harland’s 5,400 bank and credit union clients, Toronto-based D+H has 6,200 financial institution customers in the U.S. and Canada, after accounting for overlapping firms. Based on their respective full-year 2012 earnings, the combined company’s revenue from U.S. operations would account for 36% of total revenue, compared to only 8% prior to the acquisition.
The deal brings together two companies whose histories each date back more than 130 years. Both D+H and Harland Clarke, the former parent company of HFS, got their starts in the check printing business.
Clients of Harland got their first look at the new ownership last week when the company hosted its Connections Conference in Nashville.
