TORONTO, April 24, 2012 /CNW/ - Davis + Henderson Corporation ("D+H") today announced that it has completed a strategic minority investment in Santa Ana, California based Compushare, Inc., a technology management and cloud computing provider to financial institutions. Terms of the investment were not disclosed but are not material to D+H's financial position.
This investment continues to grow D+H's capabilities in the North American FinTech space and complements its existing footprint among U.S. Community Banks and Credit Unions where D+H provides Software as a Service (SaaS) mortgage and loan origination solutions through its Mortgagebot subsidiary to close to 1,100 banks. "Our goal is to be a leading solutions provider to the North American financial services industry and we believe this investment in Compushare continues to strengthen our ability to deliver on our vision," stated Gerrard Schmid, CEO of D+H. "In particular, this investment enables us to participate in the growing needs of U.S. Community Banks and Credit Unions for cloud delivered services and applications to better allow them to focus on their core business and more effectively support their growth. We look forward to working with the talented team at Compushare as they expand their business."
Compushare offers an enterprise suite of technology solutions that helps Community Banks, Credit Unions and other financial services firms focus on their operations, franchise value and safety through a range of Systems Management, Network Security, Applications Solutions and Compliance management products and services. Compushare currently serves approximately 300 customers with these solutions.
Romir Bosu, CEO of Compushare stated that "We are excited to have D+H as a strategic partner and shareholder. D+H's investment in Compushare will enable us to accelerate our growth and pursue additional opportunities with Community Banks and Credit Unions throughout the United States. With the only true community cloud based solution offered to a market that is readily adopting the technology, we will be better positioned to meet this demand, while continuing to invest in additional innovative solutions. We are pleased to partner with a large financial services solution provider with deep experience in serving the needs of a wide range of financial institutions in North America."
D+H is a leading solutions provider to the North American financial services marketplace. Founded in 1875, the company today provides innovative technology-based programs, products and business services tailored to our customer's needs. We embrace thought leadership and are continuously expanding our capabilities and expertise to better anticipate the needs of our customers, build trust and deliver on our promises.
For over 130 years, we have demonstrated a proven track record of success and a deeply rooted tradition of developing and nurturing valued customer relationships. Our mission is to provide a unique and broad set of integrated solutions that help our customers deepen relationships with their own clients.
For more information about D+H visit www.dhltd.com
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 technology or IT strategic plans, Compushare takes a consultative approach to its solutions. With more than 15 years of technology experience supporting over 800 financial clients nationwide, Compushare is an SSAE 16, SOC 2 Type II, FDIC reviewed, and preferred partner with many major providers. From the leadership team to the members of the service delivery team, the array of knowledge, certifications and practical expertise is unrivaled in the Financial Services Industry.
Learn more about Compushare, Inc. at www.compushare.com.
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 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.
For further information:
EVP & Chief Financial Officer
Chief Business Development Officer