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Jack Henry acquires Alabama firm

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Jack Henry & Associates Inc. (Nasdaq: JKHY) announced today it will acquire Birmingham, Ala., portfolio management firm Bayside Business Solutions Inc.

Terms of the deal were undisclosed, according to a news release.

The Monett-based banking software and technology firm’s ProfitStars division will absorb the Bayside business through the acquisition.

"We are thrilled to become a part of the ProfitStars organization and believe that the coupling of our products with those of ProfitStars creates one of the strongest commercial lending solutions in the marketplace today,” said Russ Opper, founder and managing director of Bayside, in the release.

Opper and Jack Henry Chief Financial Officer Kevin Williams could not be reached for comment by deadline. Jack Henry President David Foss was not immediately available for comment.

Bayside, which is known for its Cadence portfolio management platform for commercial lenders, was founded in 1998, according to the release.

Jack Henry counts around 11,300 customers across the nation. The company recently was rated No. 2 on financial data tracker SmartAsset’s list of the best-performing stocks in Missouri based on stock price, dividends paid and volatility from Dec. 30, 2009, to March 31, 2015.

JKHY shares were trading at $65.24 as of 11:45 a.m., compared to a 52-week range of $51.86 to $70.25.[[In-content Ad]]

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