TORONTO, Jan. 30, 2013 /CNW/ - 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."
About D+H
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
About Compushare
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.
Forward-Looking Information
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
