Harland Financial Solutions Acquires uMonitor

LAKE MARY, Fla.--(BUSINESS WIRE)--Harland Financial Solutions has expanded its leadership position in the increasingly important self-service and electronic payments arena with the acquisition of Memphis, Tennessee-based uMonitor. Harland Financial Solutions will immediately begin integrating uMonitor’s solutions into its existing core, lending, mortgage, branch automation, Internet and mobile banking offerings. The terms of the transaction were not disclosed.

“We are very proud to welcome uMonitor to Harland Financial Solutions and look forward to expanding our mutual capabilities on behalf of our clients, resellers and strategic alliance partners.”

uMonitor solutions allow financial institutions to provide services online, in branches and at call centers, from new account opening and funding to account-to-account (A2A) money transfers, person-to-person (P2P) payments, account and advisor-client relationship management, and bill presentment and payment. uMonitor solutions offer financial institution customers the same enhanced banking experience whether in a branch, online, on a mobile phone, or through the call center – 24 hours a day, 7 days a week.

“Consumers increasingly expect to conduct their business whenever they want, wherever they want, using the channel most convenient to them at any particular moment,” said Raj Shivdasani, president of Harland Financial Solutions. “uMonitor’s capabilities are an ideal complement to those of Harland Financial Solutions. We now offer end-to-end banking, from back office to consumer facing systems, while maintaining the financial institution’s brand and involvement in the transaction. Our integrated solutions will continue to deliver the highest levels of self-service convenience, while striving to improve the financial institution’s revenue, profitability, operational efficiency and customer satisfaction through a unified delivery channel experience.”

Harland Financial Solutions is a member of the Harland Clarke Holdings Corp. family of businesses providing services to financial institutions, including checks and related services and innovative marketing capabilities such as customer onboarding programs, survey services, email campaign management and call center outsourcing. “The acquisition of uMonitor, and the integration of its solutions into the Harland Clarke Holdings Corp. family, reinforces our position as a leader in payments and financial institution customer acquisition and retention,” said Chuck Dawson, president and chief executive officer of Harland Clarke Holdings Corp.

“uMonitor’s growth is the result of product and service innovation by employees who are committed to satisfying every client,” said Dinesh Sheth, founder and chief executive officer of uMonitor. “Harland Financial Solutions shares these traits with us, and we can’t think of a better cultural fit for uMonitor to take its clients and employees to the next level of success.”

Harland Financial Solutions will continue to operate both uMonitor’s main office in Memphis, Tennessee and its development office in Trivandrum, India. Shivdasani added, “We are very proud to welcome uMonitor to Harland Financial Solutions and look forward to expanding our mutual capabilities on behalf of our clients, resellers and strategic alliance partners.”

About uMonitor - Parsam Technologies

uMonitor (www.umonitor.com) offers a wide range of online solutions specifically designed to help financial institutions provide the most up-to-date services. These highly configurable and customizable solutions enable financial institutions to increase profitability, generate revenue, improve regulatory compliance, and enhance employee productivity while reducing costs and delighting customers. uMonitor solutions include New Account Setup and Online Funding with Switch Kit, New Loan Application Processing, Funds Transfer Service, Bill Presentment and Payment Solutions, Premium Account Management Service, Advisor-Client Relationship Management, and other services. The company’s growth and success were recognized by its inclusion on the Inc. 5000 list in 2008, 2009 and 2010.

About Harland Financial Solutions

Harland Financial Solutions Inc. (www.harlandfinancialsolutions.com) supplies software and services to thousands of financial institutions of all sizes, offering its solutions in both an in-house and service bureau environment. It is a leader in core systems, business intelligence, branch automation, payment processing, enterprise content management, lending solutions, risk management, compliance, financial accounting, mortgage solutions and self-service solutions. The company is an indirect wholly-owned subsidiary of Harland Clarke Holdings Corp., which also owns Harland Clarke and Scantron.

Forward-Looking Statements

Certain statements made in this announcement contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All statements, other than statements of historical fact provided herein, may be deemed to be forward-looking statements. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, statements including the words “has expanded,” “ideal complement,” “now enable,” “while improving,” “reinforces” and other similar expressions are intended to identify forward-looking statements. Factors that could cause such forward-looking statements to differ materially include, but are not limited to: (i) general economic and business conditions in Harland Financial Solutions’ industry, (ii) future product development and (iii) the timely and efficient integration of the acquisition described in this announcement.

Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within Harland Clarke Holdings Corp.’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), subsequent quarterly reports on Form 10-Q filed with the SEC, and the risks discussed in Harland Clarke Holdings Corp.’s other filings with the SEC.

You are cautioned not to place undue reliance on these forward-looking statements. Harland Clarke Holdings Corp. undertakes no obligation to publicly revise any of its forward-looking statements to reflect events or circumstances that arise after the date of this report.