Harland Financial Solutions of Lake Mary, Fla., is being sold to Davis + Henderson Corp. in Toronto, Ontario, Canada, for $1.2 billion in cash, the companies announced Tuesday.

HFS, currently owned by Harland Clarke Holdings Corp., has about 5,400 credit union and bank clients in the United States, the companies said, including several hundred credit unions that run the UltraData core processing platform. The company also owns 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, once the sale closes in mid-August as expected, the company said. D+H cited its interest in the PhoenixEFE core processing platform, a business-services based platform used by community banks, in the acquisition, which it said would give the Canadian company a total of more than 6,200 clients in North America.