M & F Worldwide Corp. (M & F Worldwide) is a holding company that conducts its operations through its indirect wholly owned subsidiaries, Harland Clarke Holdings Corp. (Harland Clarke Holdings) and Mafco Worldwide Corporation (Mafco Worldwide). It operates its business in four segments: Harland Clarke, Harland Financial Solutions, Scantron and Licorice Products. The Harland Clarke segment offers checks and related products, forms and treasury supplies, and related delivery and fraud prevention products. The Harland Financial Solutions segment provides technology products and services. The Scantron segment provides data management solutions and related services. The Licorice Products segment, which is operated by Mafco Worldwide, produces a variety of licorice products. On July 21, 2010, Scantron Corporation (Scantron) acquired 100% of the equity of Spectrum K12 School Solutions, Inc. (Spectrum K12). In December 2011, MacAndrews & Forbes Holdings Inc. acquired M & F Worldwide.