Private equity firm the Gores Group is buying three business units from the Davis & Henderson Corp. (TSX: DH) for an undisclosed price.
Davis will sell its business-process outsourcing, coupon and rebate processing and real estate software businesses to Gores. The companies will be operated under a newly-formed company called Millennium Process Group Inc., headquartered in East Mall, Ontario.
The deal is expected to close in the second quarter of 2013.
Davis provides payment services, loan administration and lending technology to financial institutions in North America.
Gores, headquartered in Los Angeles, has invested in Equinox Payments, Norment Security Group Inc. and the Clark Group Inc.