Cherry Tree Advises Deluxe's WAUSAU Financial Systems on the Acquisition of First Data's Remittance Processing Business  

Transaction Description
In August of 2018, Deluxe Corporation (NYSE: DLX) announced that its 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

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

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 Deal Team

Alex Young
Senior Analyst
(952) 253-6004
Cherry Tree Contacts

Elmer Baldwin
Senior Executive Director 
(952) 253-6001
John Bergstrom
Managing Director
(651) 227-9758

Chuck Gorman
Senior Executive Director 
(952) 253-6008

Dave Latzke
Managing Director 
(952) 253-6032

Tony Christianson
Managing Partner
(952) 253-6003

Cherry Tree & Associates, LLC,  301 Carlson Parkway, Suite 103,  Minneapolis, MN 55305
Phone: (952) 893-9012 |

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Important Disclosures
The information included in this publication has been obtained from public sources, and is not based upon private or confidential Cherry Tree information. Cherry Tree gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. Cherry Tree makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. Officers, directors, partners of Cherry Tree and Cherry Tree proprietary investment funds may have positions in the securities of the companies discussed, and certain affiliates of Cherry Tree may recommend to specific clients the purchase and sale of securities discussed in the publication.  This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. Cherry Tree or its affiliates may from time to time provide investment banking or related services to these companies. Like all Cherry Tree employees, the authors of this publication receive compensation that is affected by overall firm profitability. We undertake no obligation to update any information in this publication.