SAN ANTONIO (7/23/13, UPDATED 4:45 p.m.)--Harland Clarke Holdings Corp. has entered into an agreement to sell its subsidiary, Harland Financial Solutions, to Davis + Henderson Corp. for $1.2 billion in cash.
Harland Financial Solutions accounted for roughly 15% of Harland Clarke Holdings' business in 2012.
D+H supports more 1,700 credit unions and banks across the U.S., including Mortgagebot and Compushare.
"Rest assured, Harland Financial Solutions will continue to operate in a 'business as usual' fashion, with no changes or impact to our clients," said Raju Shivdasani, Harland Financial Solutions CEO.
The sale is subject to customary closing conditions, including the expiration or termination of applicable waiting periods, and is expected to close in the third quarter of 2013.
D+H has established a website (www.NewFinTechFuture.com) to provide additional information regarding the acquisition.
Harland Clarke, the company's largest business segment, services about 12,500 financial and commercial institutions through multiple channels. Its marketing products include business intelligence and analytics, management, strategic services, and award-winning creative development.
Harland Clarke's payment solutions include checks, cards and related products and services, and high-value transactional documents, including statements, compliance documents and communications.
The company's retail division services big box retailers, large direct selling businesses, and membership-based and affinity organizations by products and services, including checks and related products, cash management and fulfillment services, private label materials, and small business marketing materials.
The subsidiary sold is not the same organization as Harland Clarke. Corp., the check printers, which is a CUNA Strategic Services provider.