WATERLOO, ON, April 4, 2017 /CNW/ - RDM Corporation (TSX: RC)
("RDM") and Deluxe Corporation (NYSE:DLX) ("Deluxe"), today
announced that Deluxe has completed its acquisition of all the
issued and outstanding common shares of RDM for cash consideration
of $131 million (CDN) by way of a
plan of arrangement under section 192 of the Canada Business
Corporations Act (the "Arrangement").
RDM Corporation is a provider of remote deposit capture (RDC)
software, hardware and digital imaging solutions for financial
institutions and corporate clients. Founded in 1987 in Waterloo, Ontario, RDM was publicly traded on
the Toronto Stock Exchange and conducts business primarily in
the United States. RDM customers
include four of the top 10 banks in the US market and 31 percent of
the top 100 Fortune 500 companies.
"RDM further enhances our robust suite of best-in-class treasury
management solutions, strengthening our value proposition and
improving our market position," said John
Filby, President of Deluxe Financial Services. "Deluxe
acquired WAUSAU Financial Systems in 2014, FISC in 2015 and Data
Support Systems in 2016. We continue to build on our commitment to
bring a rich set of treasury management solutions together under
one roof."
For more than 100 years, Deluxe Corporation has been a leading
provider of products and services to financial institutions and
small businesses. Deluxe has approximately 5,600 financial
institution customers that rely on it for industry-leading programs
in checks, data-driven marketing, treasury management and digital
engagement solutions.
"Together with Deluxe we are now the provider of choice for
commercial and business mobile RDC which are attractive growth
markets for us and our clients" said Randy
Fowlie, President and CEO of RDM Corporation. "We are
pleased to be joining an established FinTech leader who shares our
vision and reputation for client delivery excellence."
This press release is also issued pursuant to National
Instrument 62-103 - The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which requires a
report to be filed on SEDAR (www.sedar.com) containing
additional information with respect to the foregoing matters. The
stock of RDM were acquired for CDN $5.45 per share in cash.
With the completion of the Arrangement, RDM's common shares are
expected to cease trading and be de-listed from the Toronto Stock
Exchange following the close of trading on or about April 5, 2017.
About RDM Corporation
RDM Corporation provides large financial institutions with
Remote Deposit Capture (RDC) solutions designed to help their
clients simplify the way they do business. RDM processes over
$600 billion in payments annually and
helps financial institutions increase revenue, expand market share
and improve customer service for over 80,000 end users.
Four of the top ten financial institutions in the United States use RDM's payment processing
solutions. RDM serves 31 percent of the top 100 Fortune 500
companies including brokerage firms, big-box retailers, healthcare
and insurance providers, and government entities. Working with
clients for over 25 years, RDM provides both software and hardware
solutions including web-based and mobile RDC, and manufactures a
wide range of digital imaging scanners. For more information, visit
www.rdmcorp.com.
About Deluxe
Deluxe Corp. is a growth engine for small businesses and
financial institutions. Nearly 4.4 million small business customers
access Deluxe's wide range of products and services, including
customized checks and forms, as well as website development and
hosting, email marketing, social media, search engine optimization
and logo design. For its approximately 5,600 financial institution
customers, Deluxe offers industry-leading programs in checks, data
driven marketing, treasury management and digital engagement
solutions. Deluxe is also a leading provider of checks and
accessories sold directly to consumers. For more information, visit
www.deluxe.com, www.facebook.com/deluxecorp or
www.twitter.com/deluxecorp.
Forward-Looking Statements
This news release contains forward-looking statements about the
acquisition by Deluxe of all of the outstanding common shares of
RDM. Forward-looking statements are typically identified by words
such as "expect", "anticipate", "believe", "foresee", "could",
"estimate", "goal", "intend", "plan", "seek", "strive", "will",
"may" and "should" and similar expressions.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect Deluxe's and RDM's
expectations only as of the date of this news release. Deluxe and
RDM disclaim any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise except as required by law.
SOURCE RDM Corporation