Deluxe Corporation completes $131 million cross-border acquisition of RDM Corporation

On April 4, 2017, RDM Corporation (TSX: RC) and Deluxe Corporation (NYSE: DLX) announced that Deluxe had completed its acquisition of all the issued and outstanding common shares of RDM for cash consideration of $131 million by way of a plan of arrangement under section 192 of the Canada Business Corporations Act.

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.

Deluxe Corporation is 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.

Gowling WLG advised RDM with respect to this transaction with a team led by John Durdan and that included Michael Watson (employment), Kathleen Ritchie (corporate) and Paul Carenza (tax).