HFS Sale to Davis + Henderson Now Complete
The sale of Harland Financial Solutions to Davis + Henderson Corp. is now complete, three weeks after it was announced, the Canadian company said Friday.
Toronto-based D+H said it paid about $1.2 billion to buy Lake Mary, Fla.-based HFS from Harland Clarke Holdings Corp.
“We look forward to using our complementary technologies and expanded capabilities to meet the broader needs of our combined client base of 6,200 and to forge an even stronger value proposition for the future as we concentrate on growing our presence among the 13,000 banks and credit unions who form our available market,” Gerrard Schmid, CEO of D+H, said in Friday’s announcement.
HFS said it has about 5,400 credit union and bank clients in the United States, including several hundred credit unions that run the UltraData core processing platform, as well as users of the Mortgagebot point-of-sale and loan origination systems and the LaserPro automated loan compliance solution.
It’s the Canadian’s company’s first core processing offering. D+H cited its interest in the PhoenixEFE core processing platform, a business-services based platform used by community banks, in the acquisition.