Jack Henry acquires fintech firm

Monett-based financial software company Jack Henry & Associates Inc. (Nasdaq: JKHY) has conducted an acquisition of a fintech firm.

Jack Henry purchased Victor Technologies Inc. from Fairmont, West Virginia-based MVB Financial Corp. (Nasdaq: MVBF), according to a news release. MVB Financial Corp. officials say the deal, which closed Sept. 30, is expected to generate a roughly $33 million pretax gain for the business.

“We’re not walking away – we are doubling down through the development of a reimaged partnership. Greg Adelson, CEO of Jack Henry, is a visionary and trusted partner,” MVB President and CEO Larry F. Mazza said in the release. “Additionally, our shareholders realize immediate returns, our clients get enhanced capabilities and we continue to benefit from Victor’s success and growth as part of Jack Henry."

Victor Technologies was founded in 2021 and incubated within MVB. Victor operates an embedded payments platform that already provides Jack Henry clients with services such as real-time payment processing, virtual ledgering and regulatory compliance solutions, officials say.

In a separate news release, Jack Henry officials said the acquisition would grow the company's payments-as-a-service, or PaaS, capabilities.

"This acquisition advances our technology modernization strategy to help banks and credit unions compete and win through innovative, cloud-native solutions," Adelson said in the release. "Offering a proven, high-volume embedded payments platform that is highly scalable creates diverse revenue streams, enhances our capabilities and provides more immediate opportunities to deliver emerging services like stablecoin."

As part of the deal, Victor's 19 employees are joining Jack Henry, said Mark Folk, the company's corporate communications director.

Jack Henry, which has around 7,400 financial industry clients, in August reported fiscal 2025 net income of $455.7 million, an increase from $381.8 million in fiscal 2024, according to past reporting. 

JKHY shares were trading at $147.18 as of 9:20 a.m., compared with a 52-week range of $146.70 to $196 per share. MVBF shares were trading at $25.02, compared with a 52-week range of $15.59 to $25.14 per share.