Waterloo's RDM Corporation to be purchased in US$70M deal
Published Tuesday, February 14, 2017 5:23PM EST
Last Updated Tuesday, February 14, 2017 7:18PM EST
An American firm has reached a deal to purchase a Waterloo-based tech company.
Deluxe Corp. says it will purchase RDM Corporation, which was founded in 1987 and operates out of a facility on Kumpf Drive, for US$70 million.
RDM develops cheque scanners and similar technology. Its customers include some of the largest banks in the United States, as well as other financial institutions.
According to the company, its technology is used to process more than $600 billion worth of financial transactions per year.
The purchase would bring an end to RDM’s trading on the Toronto Stock Exchange, as Deluxe Corp. says it has agreed to purchase 100 per cent of the company’s shares.
The deal must still be approved by regulators and RDM’s existing shareholders. Deluxe expects the purchase to close by the end of March.