Davis + Henderson Completes Acquisition of Cyence
TORONTO, Dec. 19, 2008 (Canada NewsWire via COMTEX News Network) — Davis + Henderson Income Fund (TSX: DHF.UN) today announced it has completed the previously announced acquisition by its Filogix Segment (“Filogix”) of all the outstanding shares of Cyence International Inc. (“Cyence”) for an aggregate purchase price of approximately $38 million.
Established in 1996, and with clients in Canada, the United States and Australia, Cyence is a leading international provider of credit lifecycle management software and service solutions to the financial services industry. Its premier software platform, ExpressOS(TM), offers a sophisticated suite of lending and leasing front-office solutions that automate, integrate and facilitate the origination, customer service and collections business processes. Highly configurable, user friendly applications allow clients to create and manage real-time transactions with significantly improved efficiency and savings.
Filogix is a leading provider of credit solutions ranging from mortgage origination through mortgage underwriting and lending lien registration services, as well as a leading provider of real estate listing technologies. Filogix’s origination systems are used by captive salesforces, brokers and bank branches across Canada, while their underwriting solutions are used by more than 25 lenders across Canada, and their lien registration solutions are used by several of Canada’s largest banks. Filogix also provides connectivity to the mortgage marketplace to mortgage insurance providers, credit bureaus, appraisal firms and credit insurance providers.
About Davis + Henderson
Davis + Henderson and its predecessors have been serving the Canadian financial services industry since 1875. Through integrated service offerings, Davis + Henderson is a market leader in providing programs to customers who offer chequing account and lending services within Canada. Davis + Henderson Income Fund is listed on the Toronto Stock Exchange, symbol DHF.UN.
SOURCE: Davis + Henderson Income Fund
Catherine Martin, Chief Financial Officer, Davis + Henderson, Limited Partnership, Tel: (416) 696-7700; Robert Cronin, Chief Executive Officer, Davis + Henderson, Limited Partnership, Tel: (416) 696-7700; Website: www.dhltd.com