RICHMOND, BC, Feb. 26 /CNW/ - MacDonald, Dettwiler and Associates Ltd.
(TSX: MDA) announced today a strategic expansion of its Information Products
business in the United States. The Company has entered into a definitive
agreement to acquire certain lender solution businesses from TransUnion LLC's
Real Estate Services division. The acquisition is expected to be slightly
accretive in 2008 and more significantly in 2009 once the transition period
has been completed.
The acquired business includes collateral valuation solutions, property
search solutions, mortgage credit solutions, closing solutions, and flood
compliance solutions, all of which are designed to drive time, cost, and risk
out of the residential lending cycle. Headquartered in Wilmington, Delaware,
the business generates approximately U.S. $130 million in annualized revenues
with approximately 450 employees.
'This acquisition significantly expands our presence in the U.S.
financial services sector,' stated Daniel Friedmann, president and CEO of MDA.
'In addition to increasing our lender customer base, the products and services
acquired round out our capability as a full service provider of residential
property information solutions to lenders in the United States. This brings
the scope of our lender solutions in the U.S. up to a similar level as the
scope of our insurance solutions.'
'Our team is pleased to be joining MDA and to be a pivotal part of MDA's
Information Products strategy in the U.S.,' affirmed Mike Dealy of TransUnion,
who will continue to lead the acquired business. 'By combining our customer
base and our extensive suite of lender solutions with MDA's customer base and
MDA's powerful property data warehouse, automated decisioning tools, and
interactive valuation capability we can offer our joint customers a broader
range of solutions.'
The transaction is expected to close by the end of the first quarter
2008, subject to receipt of required approvals and the acquired business will
operate under an MDA brand name.
MDA provides advanced information solutions that capture and process vast
amounts of data, produce essential information, and improve the decision
making and operational performance of business and government organizations
Focused on markets and customers with strong repeat business potential,
MDA delivers a broad spectrum of information solutions, ranging from complex
operational systems, to tailored information services, to electronic
MDA employs more than 3,000 people in locations across the United States,
the United Kingdom, and Canada. The Company's common shares trade on the
Toronto Stock Exchange under the symbol TSX:MDA.
As a global leader in credit and information management, TransUnion
creates advantages for millions of people around the world by gathering,
analyzing and delivering information. For businesses, TransUnion helps improve
efficiency, manage risk, reduce costs and increase revenue by delivering
comprehensive data and advanced analytics and decisioning. For consumers,
TransUnion provides the tools, resources and education to help manage their
credit health and achieve their financial goals. Through these and other
efforts, TransUnion is working to build stronger economies worldwide. Founded
in 1968 and headquartered in Chicago, TransUnion employs more than
4,000 employees in more than 30 countries on six continents.
This release contains forward-looking statements and information, which
reflect the current view of MacDonald, Dettwiler and Associates Ltd. with
respect to future events and financial performance. Any such forward-looking
statements are subject to risks and uncertainties and MDA's actual results of
operations could differ materially from historical results or current
expectations. Additional information on these and other potential factors that
could affect MDA's financial results are detailed in documents filed from time
to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form
or content of this release.
For further information:
For further information: Wendy Keyzer, MDA External Relations, (604)