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Investment Banking and
Strategic Business Development
Harland Financial Solutions Purchase of Interlinq Software
Acquisition Summary
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Target Information |
| Target: |
Interlinq
Software (INLQ) Type of Company: Mortgage Technology Solutions |
| City: |
Bellevue |
State: WA |
| Financial Data As Of: |
03/31/2002 |
Sales: $17
million |
Book Value: $8.2 million
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| Target’s Business: |
Interlinq Software Corporation is a provider of
technology that helps organizations to effectively manage complex and
information-intensive business transactions. The Company offers
software-based business solutions to 1,300 commercial banks, mortgage
banks, mortgage brokers, credit unions and savings institutions,
including a number of the top mortgage originators. The Company's
flagship products are MortgageWare Loan Management System and
MortgageWare TC. The Company also designs the FlowMan
integration/workflow toolkit.
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Acquirer Information |
| Acquirer: |
Harland
Financial Solutions, Inc. (JH) Type of Company: Financial Software &
Systems |
| City: |
Decator |
State: GA |
| Financial Data As Of: |
06/30/2002 |
Sales: $735
million |
Book Value: $228 million
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| Acquirer’s Business |
Harland Financial Solutions supplies software and
services to thousands of financial institutions of all sizes and is a
leader in deposit & loan origination, platform, teller, call-center,
mortgage, business intelligence, core processing and customer
relationship management systems. Harland Financial Solutions is a leader
in compliance software, business intelligence, core processing and
mortgage products. INTERLINQ has relationships with more than 1,300
mortgage lenders. |
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Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
August 6, 2002 |
Accounting: N/A
TEV/Sales: 1.4x |
| Completion Date: |
Fall 2002 |
Consideration:
Cash Market Cap./BV: 4.0x |
| Deal Value: |
$33 million |
| Comments: |
Harland Financial Solutions has signed a definitive
agreement to acquire the Seattle-based INTERLINQ for $6.25 per share.
The total purchase price is expected to be approximately $34 million,
including fees and expenses, less INTERLINQ's cash balance of about $10
million. Harland expects the acquisition to close in the fourth quarter,
subject to approval by INTERLINQ shareholders. The acquisition is
expected to be accretive to earnings within 12 months.
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