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For immediate release: February 26, 2008 MDA announces strategic acquisition in the U.S. financial services sectorRichmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today a strategic expansion of its Information Products business in the United States. The Company has entered into a definitive agreement to acquire certain lender solution businesses from TransUnion LLC's Real Estate Services division. The acquisition is expected to be slightly accretive in 2008 and more significantly in 2009 once the transition period has been completed. The acquired business includes collateral valuation solutions, property search solutions, mortgage credit solutions, closing solutions, and flood compliance solutions, all of which are designed to drive time, cost, and risk out of the residential lending cycle. Headquartered in Wilmington, Delaware, the business generates approximately U.S. $130 million in annualized revenues with approximately 450 employees. 'This acquisition significantly expands our presence in the U.S. financial services sector,' stated Daniel Friedmann, president and CEO of MDA. 'In addition to increasing our lender customer base, the products and services acquired round out our capability as a full service provider of residential property information solutions to lenders in the United States. This brings the scope of our lender solutions in the U.S. up to a similar level as the scope of our insurance solutions.' 'Our team is pleased to be joining MDA and to be a pivotal part of MDA's Information Products strategy in the U.S.,' affirmed Mike Dealy of TransUnion, who will continue to lead the acquired business. 'By combining our customer base and our extensive suite of lender solutions with MDA's customer base and MDA's powerful property data warehouse, automated decisioning tools, and interactive valuation capability we can offer our joint customers a broader range of solutions.' The transaction is expected to close by the end of the first quarter 2008, subject to receipt of required approvals and the acquired business will operate under an MDA brand name. About MDA
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Related Websites: For more information, please contact: Wendy Keyzer MDA External Relations Telephone: 604-231-2743 E-mail: wendy@mdacorporation.com |