WATERLOO, Ont.—A Waterloo, Ont.-based company which specializes in software and hardware for electronic payment systems, is being sold to a U.S. firm.
Deluxe Corp. of Minnesota says it is purchasing RDM Corp. through a wholly owned subsidiary for approximately US$70 million in cash.
The transaction is subject to customary closing conditions, including approvals from the courts, regulatory bodies and RDM shareholders.
RDM Corp., founded in 1987, provides remote deposit capture software and digital imaging systems for financial institutions and corporate clients. RDM’s primarily does business in the United States.
The RDM board has unanimously approved the acquisition and will recommend shareholders vote in favour of the deal.
Deluxe Corp., which expects the transaction to close by the end of March, has provided products and services to financial institutions and small businesses fore more than 100 years.
“The board of directors unanimously agreed that this transaction provides an attractive opportunity for the company’s shareholders,” said RDM chairman Jean Noelting.