John H. Harland To Buy Concentrex for $140 Million
John H. Harland Co., which provides direct marketing and other services to financial services firms, said yesterday that it signed an agreement to acquire Concentrex Inc. for about $7 per share, or $140 million including loan obligations and transaction-related expenses.Concentrex, Portland, OR, formerly known as AFI ProServices Inc., provides various financial services technology solutions, including software for loan origination, cross-selling, sales and service, call centers and online financial services. The company recently said it chose to pursue the sale because it was in default on some of its debt.
John H. Harland, Atlanta, said it expected the acquisition to hurt its earnings in 2000 and 2001 but that the purchase would help its cash flow this year.
The two companies are expected to have combined revenues from software of $150 million in 2000. John H. Harland, which provides checks, financial software and direct marketing services to banks, said the acquisition would give it a platform to deliver e-commerce solutions for financial institutions.
