D+H completes acquisition of Fundtech
TORONTO, CANADA (April 30, 2015) — TORONTO (April 30, 2015) — DH Corporation (“D+H”) (TSX: DH) today announced that it has successfully completed the US$1.25 billion acquisition (the “Acquisition”) of Fundtech, a leading provider of global payments solutions to banks worldwide.
This Acquisition solidifies D+H’s position as a leading global FinTech provider with a strategic expansion into global payments. It also marks a continuation of D+H’s long-term growth strategy, which builds on strategic advances realized through Harland Financial Solutions and other prior acquisitions. D+H now serves nearly 8,000 clients, including 190 of the top 300 U.S. banks, 9 of the top 10 U.S. banks, and 32 of the top 50 global banks. With a deeper client base and broader offering, the complementary nature of D+H’s combined offering is expected to address the increasing technology needs of financial institutions while generating growth opportunities for D+H in North America and the EMEA and APAC regions.
“The enthusiastic support we have received from both D+H and Fundtech clients since we announced the transaction reflects the clear value creation potential of this acquisition,” said D+H chief executive officer Gerrard Schmid. “We look forward to leveraging our comprehensive portfolio of innovative technology solutions to meet the broader needs of our combined client base as we deliver an even stronger value proposition and focus on growing our presence on a global scale.”
The all-cash acquisition of Fundtech was funded, in part, by way of a bought deal prospectus offering of subscription receipts and 5.0% extendible convertible unsecured subordinated debentures that resulted in total gross proceeds, including the proceeds from the exercise of the over-allotment options in full, of approximately $950.1 million. The balance of the Acquisition was funded from borrowings under D+H’s credit facilities. The merger agreement pertaining to the Acquisition was signed and announced on March 30, 2015, and was subject to customary closing conditions including regulatory approvals, all of which have been satisfied.
About D+H
D+H (TSX: DH) is a leading financial technology provider the world's financial institutions rely on every day to help them grow and succeed. Our lending, payments, enterprise and global transaction banking solutions are trusted by nearly 8,000 banks, specialty lenders, community banks, credit unions, governments and corporations. Headquartered in Toronto, Canada, D+H has more than 5,500 employees worldwide who are passionate about partnering with clients to create forward-thinking solutions that fit their needs. With annual revenues of more than $1 billion, D+H is recognized as one of the world's top FinTech companies on IDC Financial Insights FinTech Rankings and American Banker's FinTech Forward ranking. For more information, visit dh.com.
