Davis + Henderson buys software firm Avista Solutions for US$40 million

TORONTO – Davis + Henderson Corp. (TSX:DH) said Thursday that it has bought U.S. mortgage software company Avista Solutions Inc. for US$40 million in cash.

The company said the deal adds to its customer base and expands the range of services it offers the North American financial services industry.

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“With Avista, we’ve added an innovative, fast growing loan origination system business featuring proven capabilities that are highly synergistic to those we offer through Mortgagebot,” chief executive Gerrard Schmid said in a statement.

“Together, we now support the entire mortgage origination process for U.S. lenders and provide customers with a comprehensive suite of products that enable efficient, effective growth from origination through to closing.”

Under the deal, Avista founder and chief executive Mark Phlieger has joined Davis + Henderson.

Davis + Henderson supplies cheques and various business processing services to banks, mortgage and other financial services companies.