WAUSAU

Cherry Tree Advises Deluxe’s WAUSAU Financial Systems

Transaction Description

Deluxe Corporation’s (NYSE: DLX) WAUSAU Financial Systems, Inc. subsidiary acquired the remittance processing business of First Data Corporation (NYSE: FDC). The business is now an integral part of Deluxe Financial Services’ growing suite of Treasury Management Solutions. The remittance processing business provides a robust suite of services across payment types, as well as image capture software. The solutions are designed to improve operational efficiency, reduce costs, and improve funds availability for financial institutions and corporate clients. The all-cash $93 million acquisition augments Deluxe’s brand promise as a FinTech partner of considerable scale, for technology enabled solutions and services.

Cherry Tree’s Role

Cherry Tree was engaged by Deluxe to advise the company in its acquisition of the remittance processing business, working with Deluxe senior leadership and corporate development team, the WAUSAU Financial Systems team, and the Deluxe Financial Services team in evaluating the business case, negotiating the terms of the transaction, providing financial modeling and valuation analysis, supporting the due diligence process, and facilitating the closing of the transaction.

About Deluxe Corporation and Deluxe Treasury Management Solutions

Deluxe Corp. is a growth engine for small businesses and financial institutions. Nearly 4.4 million small business customers access Deluxe’s wide range of products and services, including customized checks and forms, as well as website development and hosting, email marketing, social media, search engine optimization and logo design. For it’s approximately 4,900 financial institution customers, Deluxe offers industry-leading programs in checks, data driven marketing, treasury management and digital engagement solutions. Deluxe is also a leading provider of checks and accessories sold directly to consumers. For more information, visit www.deluxe.com.

Deluxe Treasury Management Solutions allow financial institutions and corporations to accelerate working capital, improve straight-through remittance processing, and drive profitable growth with in-house, hosted or Business Process Outsourcing (BPO) solutions for receivables management, remote capture, payment processing services, and treasury management onboarding.

About First Data

First Data (FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The Company’s 22,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.4 trillion per year. For more information, visit www.firstdata.com.

About Cherry Tree & Associates

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for attractive, entrepreneurially-managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services.

Cherry Tree & Associates (located in Minneapolis, MN) provides investment banking services through our FINRA-licensed broker dealer.