Harland Financial Solutions, Inc. has acquired Premier Systems Inc. (PSI), the West Des Moines, Iowa- based data processing solutions provider for 229 credit unions that is owned by the Iowa Credit Union League. Harland paid the league $16 million for PSI, which provides core processing service bureau solutions based on the ULTRADATA System. Pleasanton, Calif.-based ULTRADATA is already a subsidiary of Harland Financial Solutions.
PSI's current annual revenues are approximately $15 million. The acquisition is expected to have a neutral effect on earnings in the first 12 months, according to Harland.
PSI will become part of Harland Financial Solutions' Core Systems Group, which also offers the ULTRADATA and CuServTM in-house core systems for credit unions, as well as the SPARAK and BankServ in-house core systems for banks. With the addition of PSI, Harland Financial Solutions now provides core processing software and services to more than 1,000 financial institutions, the company said.
For additional info: www.harlandfinancial-solutions.com.