A financial industry software provider in Carmel is being acquired by New York-based private equity firm, The Riverside Co. in a $100 million deal. Baker Hill, which is owned by Experian PLC, is expected to be folded into Database Marketing Agency Corp.
If the merger receives all necessary U.S. approvals, DMA President and Chef Executive Officer Naseer Nasim will lead the combined organization. He says "today’s financial institutions face demographic, regulatory and competitive pressures that drive the need for sophisticated technologies, services and solutions that help them successfully navigate shifting demands. We’re pleased to join forces with Baker Hill, which shares our commitment to empowering progressive banks and credit unions to remain viable and profitable in today’s complex environment."
Experian CEO Brian Cassin says "the sale of Baker Hill is another step in our Group strategy to focus on our larger businesses and geographies. We are pleased that Riverside will take Baker Hill into the future and wish the Baker Hill management team and employees every success."
Baker Hill’s primary customers are in regional and community banking institutions and credit unions throughout the U.S. and Experian says Baker Hill reported first quarter revenue of $31 million.
DMA expects the acquisition to be complete in the fourth quarter and will maintain offices in Carmel and Oregon. It says the combined business will serve over 600 U.S. financial institutions.