Deluxe sells Safeguard business to Proforma

Deluxe Corporation (NYSE: DLX) announced it has agreed to sell its Safeguard business and distributor network to Proforma. The transaction is expected to close in the coming weeks, subject to customary closing conditions.

Safeguard has operated for more than 60 years, providing printed and promotional products through its network of distributors to business owners. The business offers promotional solutions designed to help companies operate and expand.

"This deal is truly a win-win," said Tracey Engelhardt, President of Print for Deluxe. "We will continue to provide checks and other printed offerings to Proforma and its distributors on an ongoing basis, further ensuring a smooth transition for our customers. This will help accelerate our revenue mix shift towards our Payments and Data businesses, a key strategic priority."

Proforma, which has nearly 50 years of experience in printing, promotional products, packaging, and eCommerce solutions, will acquire the Safeguard operations. The company has invested more than $50 million in technology and supports over 300 distributor owners who have achieved annual sales ranging from $1 million to nearly $50 million.

"We're bringing together two networks of talented people who share a commitment to innovation and values," said Michael Roney, Chief Strategy Officer at Proforma. "This venture positions our network for sustainable growth while preserving the culture and integrity that have defined Proforma for generations."

The sale represents Deluxe's continued focus on its payments and data businesses. Deluxe processes more than $2 trillion in annual payment volume and serves millions of small businesses, thousands of financial institutions, and hundreds of consumer brands.

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