Canadian financial services technology developer Davis and Henderson closed its $1.2 billion acquisition of Lake Mary, Fla.-based Harland Financial Solutions on Friday.

The previously announced, all-cash transaction was financed through a combination of convertible debentures, equity and debt. With the addition of Harland's 5,400 bank and credit union clients, Toronto-based D+H has 6,200 financial institution customers in the U.S. and Canada, after accounting for overlapping firms. Based on their respective full-year 2012 earnings, the combined company's revenue from U.S. operations would account for 36% of total revenue, compared to only 8% prior to the acquisition.

Limited Time Offer

Save over $700 on your subscription. Special offer expires April 30, 2017.

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry