Wikipedia

Deluxe Corporation

For the motion picture laboratory, see Deluxe Media.

Deluxe Corporation is a modern payments and data company. Its four business divisions are B2B payments, data, print, and merchant services. Deluxe has approximately 3 million small businesses and 4,000 financial institutions as customers.

Deluxe Corporation
Company typePublic
IndustryCorporate services
Founded1915; 109 years ago (1915), in Saint Paul, Minnesota
Headquarters
801 South Marquette Avenue
Minneapolis, Minnesota
,
United States 55402
Key people
Barry McCarthy (President and CEO)

Chip Zint (CFO)

Cheryl Mayberry McKissack (Chairwoman)
RevenueDecrease US$ 1.8 billion (2020)
Increase US$ 44.5 million (2020)
Increase US$ 8.8 million (2020)
Total assetsDecrease US$ 1.9 billion (2020)
Total equityDecrease US$ 540.8 million (2020)
Number of employees
6,500 (2020)[1]
Websitewww.deluxe.com
Footnotes / references
[2]

Deluxe was previously based in the St. Paul suburb of Shoreview, Minnesota until the company announced in September 2020 that it would move its headquarters to downtown Minneapolis in 2021.[3] Its subsidiary brands include New England Business Services Inc. (NEBS), McBee (formerly Royal McBee) and Checks Unlimited.[4]

Deluxe has facilities in the United States, Canada, Australia, and Europe to conduct its printing and fulfillment, call center, web server, and administrative functions.[5]

History

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1915–1959

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Deluxe Corporation was founded as Deluxe Check Printers in Saint Paul, Minnesota by William Roy (W. R.) Hotchkiss,[6] after Hotchkiss secured a $300 loan.[7][8] Hotchkiss was the creator of speed-enhancing inventions, including the Hotchkiss Imprinting Press (patented in 1925), a two-way perforator, and the Hotchkiss Lithograph Press (patented in 1928). He also created the first personal flat-pocket checkbook and holder.[7] For most of its early history, Deluxe was primarily a check printing company. Business service operations were not added until later.[9]

1960–1989

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The company was privately held until 1965, during which time it began using magnetic ink character recognition (MICR) check printing technology.[10] By the 1980s, the company was facing reduced demand for its products and increasing competition.[11] In 1988, the company incorporated and changed its name to Deluxe Corporation.[12] In the early 1990s it expanded into customer service for businesses.[9]

1990–present

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As use of digital payment systems gained popularity, Deluxe's core business was impacted significantly. In the mid-1990s, the company announced an expansion of its transaction processing and software businesses.[13] Deluxe began selling business forms and supplies, promotional products and branched out to offer other business services, such as payroll.[14] In 1999, Deluxe employed 15,400 people and operated thirteen check-printing plants whereas by 2004, Deluxe employed 9,300, with eight plants.[14] Deluxe acquired small business services provider New England Business Service in 2004.[15] Deluxe shifted its focus from printing products to primarily business services in 2008.[16] It launched an employee background-screening service called HireRight and expanded its service offerings through acquisitions.[16] This included the purchase of Hostopia (web hosting), Logo Mojo (logo design), PartnerUp (market intelligence), and the 2009 acquisition of search engine marketer MerchEngines.[17][16]

From 2010 onward, Deluxe expanded its offerings to include web hosting, marketing services, promotional items, payroll management tools, and other services by acquiring more than fifty companies,[8] including online printing service PsPrint and web-based marketing firm OrangeSoda,[7] email marketing company VerticalResponse (2014),[18] transaction processing company Wausau Financial Services (2014),[19] and logo designer LogoMix (2018),[20] among others. It also began offering echecks.[21]

Deluxe launched a reality television show called Small Business Revolution.[22][23][24] The show is distributed on Hulu and Amazon Prime Video.[1][24][25] Co-hosts have included Baron Davis, Robert Herjavec, Ty Pennington and Amanda Brinkman.[26] In 2021, the show was nominated for a Daytime Emmy Award for Outstanding Lifestyle Series.[27]

Deluxe granted at least $750 in company stock to all of its employees in April 2019.[1] Also in 2019, Deluxe secured a contract with Synchrony Financial.[1] In 2020, McCarthy created a new management team, including the company's first-ever chief revenue officer, and instituted a new organizational structure.[1][28] The company announced it would open its FinTech and Customer Innovation Center in Sandy Springs, Georgia, in 2021, focusing on payment and cloud services business.[29][30]

Deluxe acquired First American Payment Systems, a payment processing company, for $960 million in April 2021.[31] The deal was Deluxe's largest to-date,[31] and was aimed at growing Deluxe's digital payments business.[32] First American provides tools for merchants to process in-store and online payments.[32] Barron's reported that First American Payment Systems generated $300 million in revenue and the acquisition was expected to double the annual revenue of Deluxe's payments business.[31]

Company acquisitions

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This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources.
Year Company Business Notes
1994 T/Maker Computer software Acquired in 1994;[33] formerly an early personal computer software company. It later sold the software product lines of T/Maker to Broderbund.
2004 NEBS (New England Business Solutions/Services/Systems) stationery [34]
2008 Aplus.net, Hostopia, VerticalResponse web-hosting companies [35]
2014 SiteKreator Website building [36]
2016 180fusion digital marketing Purchased for an undisclosed sum[37][38]
2016 Liquid Web (assets)/RDM Corporation Web hosting Purchased assets from LiquidWeb, which later acquired Rackspace's cloud sites web hosting unit.[37][39] Liquid Web itself was not acquired.
2018 MyCorporation/LogoMix/First Data consultation [40]
2021 First American Payment Systems payment systems [41]
2022 TELUS Website and Marketing Services Web hosting [42]

Corporate overview

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Deluxe Corporation is a public company traded on the New York Stock Exchange. Formerly headquartered in Shoreview, Minnesota,[28] it is now located at 801 South Marquette Avenue in downtown Minneapolis.[3] Deluxe has four business divisions: data, B2B payments, print, and merchant services.[1][43] Deluxe's clients include the Federal Reserve,[1] 3 million small businesses and 4,000 financial institutions.[30] Through its systems for customers to send and receive payments, Deluxe processes more than $2.8 trillion in annual payments.[1][31]

Competitive overview

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In 2000 The New York Times described John H. Harland Company' as "the second-largest printer of checks in the United States."[44] Walmart is another company that prints checks.

References

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  1. ^ a b c d e f g h Dreyfuss, Joel (March 28, 2020). "The century-old company that invented the checkbook may be a key coronavirus economic player". CNBC. Retrieved November 2, 2020.
  2. ^ "US SEC: Form 10-K Deluxe Corporation". U.S. Securities and Exchange Commission. Archived from the original on July 27, 2021. Retrieved June 23, 2021.
  3. ^ a b Kennedy, Patrick (September 14, 2020). "Deluxe moving its headquarters from Shoreview to downtown Minneapolis". Star Tribune. Retrieved May 10, 2021.
  4. ^ Deluxe Corporation Company Snapshot Archived July 17, 2011, at the Wayback Machine. Retrieved November 21, 2009.
  5. ^ Bagby, Dyana (September 4, 2020). "Deluxe Corp. selects Sandy Springs to locate new technology innovation center". Atlanta Business Journal. Retrieved June 22, 2021.
  6. ^ Jay P. Pederson, "Deluxe Corporation", encyclopedia.com, retrieved August 8, 2022
  7. ^ a b c Burns, Jim (September 3, 2012). "Investor's Edge: As check printing business declines, Deluxe Corp. moves into services". The Post-Standard. Retrieved November 3, 2016.
  8. ^ a b Zaveri, Paayal (May 17, 2020). "A 105-year-old company that invented the checkbook explains how it transformed from a tangle of disparate businesses that 'no one really understood' into a sales powerhouse". Business Insider. Retrieved November 18, 2020.
  9. ^ a b Goodrich, Laura (2011). Seeing Red Cars: Driving Yourself, Your Team, and Your Organization to A. ReadHowYouWant. ISBN 978-1-4596-2640-9. Retrieved November 3, 2016.
  10. ^ Cullman, Lewis B. (2004). Can't Take It With You: The Art of Making and Giving Money. John Wiley & Sons. p. 107. ISBN 978-0-471-66678-3. Retrieved November 3, 2016. Deluxe Check Printers + 1915.
  11. ^ Mariotti, John L. (1997). The Shape Shifters. John Wiley and Sons. ISBN 0-595-48195-7.
  12. ^ "Deluxe Corp. (DLX:NYSE)". BusinessWeek. Archived from the original on November 24, 2009. Retrieved November 22, 2009.
  13. ^ Tracey, Brian (February 20, 1996). "Deluxe Corp. CEO Expects Check Use To Begin Waning as Early as Next Year". The American Banker. Retrieved November 23, 2020.
  14. ^ a b "CEO to retire at Shoreview, Minn., check printer Deluxe Corp". Pioneer Press. December 14, 2004.
  15. ^ "Deluxe completes $745 million takeover of NEBS". Boston Business Journal. June 25, 2004. Retrieved May 3, 2021.
  16. ^ a b c Depass, Dee (August 10, 2008). "Down but not out, Deluxe on a comeback". Star Tribune. Archived from the original on November 18, 2018. Retrieved November 5, 2016.
  17. ^ Tartakoff, Joseph (July 14, 2009). "Check Printer Deluxe Purchases Search Engine Marketing Firm MerchEngines". Gigaom. Retrieved November 13, 2016.
  18. ^ Campbell, Anita (July 26, 2013). "VerticalResponse Email Marketing Company Acquired by Deluxe". Small Business Trends. Retrieved November 21, 2016.[permanent dead link]
  19. ^ Ramstad, Evan (October 23, 2014). "Deluxe net falls on charge, buys Wausau Financial". Star Tribune. Retrieved November 21, 2016.
  20. ^ Ostuni, Amanda (May 10, 2018). "Deluxe Acquires LogoMix in $43M Deal". Twin Cities Business. Retrieved May 3, 2021.
  21. ^ Arar, Denny (September 26, 2013). "New services tackle small business finance challenges". PC World. Retrieved June 23, 2021.
  22. ^ Kennedy, Patrick (March 2, 2021). "Shoreview company's 'Small Business Revolution' comes home to help Black-owned firms". Star Tribune. Retrieved August 17, 2021.
  23. ^ Allen, Tess (March 2, 2021). "Deluxe Corp.'s 'Small Business Revolution' Turns its Cameras on Black-Owned Businesses". Twin Cities Business. Retrieved June 23, 2021.
  24. ^ a b Allen, Tess (October 2, 2019). "Branding Out Loud". Twin Cities Business. Retrieved November 2, 2020.
  25. ^ Williams, Nick (May 25, 2021). "After being furloughed, makeup artist launches beauty brand, is on reality series". Star Tribune. Retrieved June 22, 2021.
  26. ^ Kennedy, Patrick (March 2, 2021). "Shoreview company's 'Small Business Revolution' comes home to help Black-owned firms". Star Tribune. Retrieved May 10, 2021.
  27. ^ Pedersen, Erik (June 28, 2021). "Daytime Emmy Nominations For Children's, Animation & Lifestyle Categories Revealed". Deadline Hollywood. Retrieved August 17, 2021.
  28. ^ a b Kennedy, Patrick (October 6, 2020). "New Deluxe CEO focuses on solidifying shift away from legacy check business". Star Tribune. Retrieved November 2, 2020.
  29. ^ Murchison, Adrianne (September 10, 2020). "Deluxe moving hundreds of workers into existing Sandy Springs office tower". The Atlanta Journal-Constitution. Retrieved May 10, 2021.
  30. ^ a b Catts, Everett (September 9, 2020). "Deluxe Corp. center is bringing 709 jobs and $10.2M investment to Sandy Springs". MDJOnline.com. Retrieved January 12, 2022.
  31. ^ a b c d Beltran, Luisa (April 22, 2021). "Deluxe to Scoop Up First American for $960 Million". Barron's. Retrieved January 12, 2022.
  32. ^ a b "Deluxe Signs $960 Million Acquisition Deal For First American Payments". PYMNTS.com. April 22, 2021. Retrieved June 23, 2021.
  33. ^ "T/Maker Acquired". Macworld. Vol. 11, no. 9. September 1994. p. 33. Retrieved August 12, 2021.
  34. ^ "Deluxe NEBS to Change Name to Deluxe Beginning Jan. 2, 2018". www.investors.deluxe.com.
  35. ^ "About: Deluxe Through the Years: 1980 - 2010". Deluxe.com.
  36. ^ "SiteKreator now part of Hostopia". Sitekreator.com. March 5, 2014. Retrieved June 26, 2020.
  37. ^ a b "Deluxe Corp 10-Q". EDGARpro. August 5, 2016. Retrieved November 21, 2016.
  38. ^ "180Fusion Inc profile (showing Inc 5000 rank)". Inc. Retrieved November 21, 2016.
  39. ^ Miller, Ron (August 8, 2016). "Rackspace sells Cloud Sites unit to Liquid Web". TechCrunch. Retrieved November 21, 2016.
  40. ^ "Deluxe Corp (DLX) Q4 2018 Earnings Conference Call Transcript". The Motley Fool. January 24, 2019. Retrieved March 1, 2019.
  41. ^ "Deluxe Completes Acquisition of First American Payment Systems" (PDF).
  42. ^ "TELUS Website Services is now EasyHosting by Deluxe". TELUS. October 1, 2022. Retrieved October 1, 2020.
  43. ^ Dignan, Larry (June 27, 2021). "How Deluxe transformed from paper checks to providing an SMB cloud, payments stack". ZDNet. Retrieved August 24, 2021.
  44. ^ "HARLAND, Check Printer, to buy Software Maker". The New York Times. July 18, 2000. Retrieved July 25, 2022.
edit
  • Official website
  • Business data for Deluxe Corporation:
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