Deluxe Corporation (NYSE: DLX) has entered into a definitive agreement to acquire 100% of the stock of RDM Corporation (TSX: RC) at CDN $5.45 per share for approximately US $72 million in cash or US $70 million net of cash to be acquired.
Founded in 1987, Waterloo, Ontario based RDM Corporation is a provider of remote deposit capture software and digital imaging solutions for financial institutions and corporate clients primarily in the United States.
On closing, RDM will become part of the growing suite of Treasury Management Solutions offered by Deluxe.
Penderfund Capital Management Ltd., Broadview Capital Management Inc., and Engine Capital Management LLC, collectively holding 14% of RDM’s common shares, have agreed to support the transaction.
Financial Technology Partners LP and FTP Securities LLC act as financial advisor to RDM board and Special Committee.
photo credit: RDM Corporation