ATLANTA - Harland Financial Solutions Inc. said Tuesday that it had bought Premier Systems Inc. from the Iowa Credit Union League.
The John H. Harland Co. subsidiary said it spent $16 million in cash to buy the stock of Premier, a vendor of core processing services to credit unions.
Premier Systems, of West Des Moines, has revenues of about $15 million, Harland said. The acquisition is expected to have a neutral effect on Harland's earnings in the first 12 months, it said.
Premier Systems' services use Harland Financial's Ultradata System software. Now Harland will be able to provide core processing software and services to more than 1,000 financial institutions.
"The acquisition of PSI, our long-term partner, is a tremendous opportunity for Harland Financial Solutions," said John O'Malley, the president of Harland Financial Solutions. "First, it extends our existing core system offering by adding a world-class service bureau operation to our organization. Second, we will be able to enhance value for PSI's existing client base through our broad suite of industry leading ancillary products and services that are already tightly integrated with the Ultradata System."
