Fundtech, with some 1,500 employees and 19 offices globally, provides a line of transaction banking software that facilitates global and domestic payments, along with financial messaging, corporate cash management and merchant services, reuters.com reports. D+H said the Fundtech acquisition deepens its US customer base and broadens its prospects in North America and will service 8 of the top 10 and 32 of the worlds top 50 banks, along with about 190 of the top 300 US banks.
The deal, which is subject to regulatory approvals, is seen closing in Q2 of fiscal 2015. In order to fund the takeover, D+H is raising CAD 626 million (USD 494 million) via an equity issuance. The offering is being co-led by CIBC, RBC Capital Markets and Scotiabank. If the banks tap the over-allotment options on the offerings, proceeds could rise to CAD 950.1 million (USD 750 million).
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