So, why would a firm that started life as a check printer and that still focuses primarily on financial institutions spend $1.8B to buy a retail coupon and advertising printer?
What sense does that make?

The Harland Clarke / Valassis acquisition is about two things: direct consumer messaging and integrated media. And both make it strategic. In fact, Chuck Dawson, Harland Clarke’s CEO said: “The acquisition of Valassis is transformational for Harland Clarke Holdings.” From my perspective, that’s not hyperbole.

The combined enterprise should have the ability to deliver highly-targeted advertising messages, offers, and coupons in both print and digital form wherever the customer might be. An integrated marketing campaign that is targeted, local, and mobile could be much easier for a Harland Clarke customer to execute than it is at present. In fact the major challenge facing most advertisers and marketing service providers at present is how to effectively integrate print and digital. Data analytics and variable data printing are making the print piece challenging. That’s because the days of the advertiser having sole responsibility for the list are long behind us. But digital is no easier. In addition to the complexities of targeting, which include privacy concerns and the effective use of big data, there are the additional challenges of mobile and video. Marketing management for consumer packaged goods and for retailers of all kinds is an utter mess. Enter Harland Clarke / Valassis.