TORONTO, Jan. 30, 2013 /PRNewswire/ - Davis + Henderson Corporation (TSX:DH) today announced that it has exercised its option to purchase all outstanding shares of Santa Ana, California-based Compushare Inc., a technology management and cloud computing provider to financial institutions. Building on its initial minority investment in the company announced on April 24, 2012, today's transaction gives D+H one hundred per cent ownership of Compushare. Financial terms were not disclosed, and while not material to D+H's financial position the transaction is accretive to shareholders.
"Compushare's capabilities are an excellent complement to D+H's existing service portfolio for U.S. Community Banks and Credit Unions and will better position us as a leading solutions provider to the North American financial services industry," said Gerrard Schmid, CEO, D+H. "We are pleased with the success Compushare has experienced with their high level of client adoption for their cloud computing solution, and on the positive impact our investment in Compushare has had on the business over the past several months. D+H now supports over 1,700 community banking and credit union customers in the United States, and we look forward to seeing the results of our continued investment in the U.S. as D+H executes its strategy and expands its presence in the North American FinTech industry."
Compushare offers a full suite of technology solutions that assist community banks, credit unions and other financial services providers in controlling costs, increasing efficiencies and preparing for increased compliance requirements. Compushare currently serves approximately 385 customers throughout the United States with these solutions.
"Since welcoming D+H as an investor, we have built a very positive relationship together over the past several months and have identified many opportunities to leverage D+H's capabilities and to continue to grow our presence in the market" said Romir Bosu, CEO of Compushare. "We are excited to be joining the D+H team and look forward to continuing to serve our customers with the same level of service and success, while continuing to expand our service offering and client base."
Founded in 1875, D+H is a leading solutions provider to the North American financial services marketplace, providing innovative technology-based programs, products and business services tailored to our customers' needs. A deeply rooted tradition of developing and nurturing valued customer relationships and a broad set of integrated solutions position D+H for ongoing growth in our chosen markets. In 2012, D+H rose to 35th on the FinTech 100, a ranking of the top technology providers to the global financial services industry.
For more information about D+H visit www.dhltd.com
Compushare is the leading provider of high quality, innovative technology and compliance solutions for the financial market. Whether it's providing a totally outsourced cloud computing solution or assisting with the management of your technology or IT strategic plan, Compushare takes a consultative approach to its solutions. With more than 17 years of technology experience supporting over 800 financial clients nationwide, Compushare is an SSAE 16 SOC 2 Type II, FFIEC reviewed, and preferred partner with many major providers such as The Independent Community Bankers Association of America (ICBA). From our leadership team to the members of our service delivery team, our array of knowledge, certifications and practical expertise is unrivaled in the Financial Services Industry.
Learn more about Compushare, Inc. at www.compushare.com.
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning D+H's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of D+H are forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions, including the following specific assumptions: the ability of D+H to meet its revenue, EBITDA, Adjusted EBITDA and Adjusted net income targets; general industry and economic conditions; changes in D+H's relationship with its customers and suppliers; pricing pressures and other competitive factors; the anticipated effect of acquisitions on the financial performance of D+H; and the expected benefits arising as a result of the acquisitions. D+H has also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking statements. While D+H considers these factors and assumptions to be reasonable based on information currently available, there can be no assurance that actual results will be consistent with these forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Business, or developments in D+H's industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements.
Risks related to forward-looking statements include, among other things, challenges presented by declines in the use of personal and business cheques; D+H's dependence on a limited number of large financial institution customers and dependence on their acceptance of new programs; strategic initiatives being undertaken to meet D+H's financial objective; stability and growth in the real estate, mortgage and lending markets; as well as general market conditions, including economic and interest rate dynamics. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The documents incorporated by reference herein also identify additional factors that could affect the operating results and performance of D+H. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and D+H does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change except as required by applicable securities laws.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, D+H.
SOURCE Davis + Henderson Corporation