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Date Posted: 7/2/2008
Deluxe buys Web company for $124M
Shoreview-based financial products company Deluxe (NYSE: DLX) will buy Fort Lauderdale, Fla.-based Hostopia.com Inc. , a provider of application services including fax to e-mail and synchronization tools for hand held computers. The all-cash transaction is valued at approximately $124 million. Under terms of the deal Deluxe will pay $10.55 in cash for each Hostopia common share. The deal is not expected to have a significant impact to Deluxe's earnings and operating cash flow for fiscal 2008, the company said in a release.
Deluxe CEO Lee Schram said the buy will help Deluxe grow its product and service offerings and attract new customers.
Hostopia.com has operation centers in Toronto, New Brunswick and the Ukraine. The deal is expecting to close in the third quarter.
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