Harte-Hanks (HHS) to Sell Trillium Business in $112M Deal
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Harte Hanks (NYSE: HHS) announced a definitive agreement whereby Syncsort, a global leader in Big Iron to Big Data solutions, will acquire Harte Hanks' Trillium Software business for $112 million in cash. The sale of Trillium Software is subject to regulatory approvals and other customary closing conditions.
"Our announcement today is the result of a comprehensive process to maximize the value of the Trillium Software business in the growing Data Quality and Data Governance segment," stated Karen Puckett, Chief Executive Officer. "Now Harte Hanks can wholly focus resources on our core strengths and capitalize on our unique combination of marketing strategy, analytics, and execution capabilities. The sale of Trillium Software, along with the cost reduction program we implemented in 2016, provides Harte Hanks with a stronger balance sheet as we move the Company on its path toward revenue stability and historically strong cash flows and improved profitability."
Harte Hanks will use substantially all of the net proceeds from the sale to retire its outstanding credit facility. Foros acted as financial advisor and Morgan, Lewis & Bockius LLP acted as legal advisor to Harte Hanks.
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