Charleston software firm Avista Solutions sold for $40 million
A Canadian company is paying $40 million for a Charleston business that makes software for the mortgage lending industry.
Toronto-based Davis + Henderson Corp. announced the all-cash acquisition of Avista Solutions Inc. late Thursday.
The buyer said the deal adds to its customer base and expands the technology products it already offers North American financial services industry.
Gerrard Schmid, CEO of D+H, called Avista an innovative, fast growing business with proven capabilities.
“We are pleased that Avista’s team, including Mark Phlieger, its founder and CEO, are joining D+H to drive future growth.” Schmid said in a prepared statement.
Avista and its employees will remain in Charleston.
Founded in 2001 in Columbia, Avista moved to Charleston about two years ago. In August it moved from Daniel Island to 100 Calhoun St. in downtown Charleston.
“Speaking on behalf of our team at Avista, I am excited by the prospects of taking our business to the next level.” Phlieger said in a statement.
See Saturday’s editions of The Post and Courier for more details.
Reach John P. McDermott at 937-5572.
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