TORONTO (5/7/12)--Davis+Henderson Corp. (D+H), a Toronto-based technology firm, has acquired Avista Solutions Inc.of Charleston, S.C., a cloud-based mortgage loan origination provider to credit unions and banks.
The purchase price is $40 million, payable in cash, funded from D+H's existing credit facilities.
The acquisition adds to D+H's customer base and expands the range of integrated technology solutions the company offers by complementing the software-as-service consumer point-of-sale mortgage origination platform it delivers to more than 1,100 U.S. credit unions and banks through its Mortgagebot subsidiary.
Similar to Mortgagebot, Avista's loan origination system (LOS) technology is delivered through the Internet as a service and revenues are generated by subscription fees under long-term contracts.
Avista has more than 150 financial institution clients and a technology suite that includes a LOS with a product and pricing engine, document imaging, work flow capabilities, and a network of integrated third-party mortgage service providers.