Florida Informanagement Services, Inc. (FIS) of Orlando has acquired the mortgage processing operations of Louisiana Companies Computer Division, Inc. of Baton Rouge, Louisiana. FIS provides data processing services to more than 100 community banks and thrifts in the southeast. Bicknell Advisory Services, Inc. of Scarsdale, New York originated this transaction and acted as financial advisor to the buyer.
W. Harry Shuman, president and chief executive of FIS engaged Bicknell Advisory to help FIS attain, through acquisition, its strategic objective of expanding its customer base and range of data processing services to financial institutions. Bicknell Advisory reviewed FIS's acquisition goals and criteria including preferred size, location and type of business. Bicknell Advisory identified and introduced several opportunities to FIS including the mortgage processing subsidiary of Louisiana Companies. Timing was particularly important in this situation; Bicknell Advisory maintained contact with the seller until the seller was ready to enter discussions, which enabled FIS to negotiate exclusively with the seller. A valuation was prepared and transaction terms proposed by Bicknell Advisory.
The acquired operations have been renamed Mortgage Solutions, Inc. and will operate as a subsidiary of FIS. Mortgage processing services will be offered to FIS's service bureau clients and to client's utilizing FIS's proprietary personal computer mortgage origination software which is installed at 60 financial institutions.