Jack Henry and Associates to acquire e-ClassicSystems

Monett-based Jack Henry & Associates Inc. announced April 12 that it has signed agreements to purchase e-ClassicSystems Inc.

According to a Jack Henry news release, e-ClassicSystems provides software products that enable institutions to manage the complete operations and accounting of their ATM networks. Jack Henry provides integrated technology solutions for financial institutions and processes ATM and debit card transactions for banks and credit unions. The terms of the transaction were not disclosed.

"We continue to look for complementary products that meet the needs of our financial institution customers and allow them to operate more efficiently and profitably and, at the same time, expand our potential market," said Michael E. Henry, chairman and CEO of Jack Henry, in the release. "After researching the capabilities associated with this suite of products in the marketplace and the expected benefits of this type of product for our customers, we concluded that e-Classic was a good fit for our existing and future customer base."

Based in Norwood, Mass., privately held e-Classic employs 16 individuals in the greater Boston area.

"e-Classic will continue to operate as a wholly-owned subsidiary and will market products and services to all of our existing financial institution customers and to (independent sales organization) customers," said Jack Prim, president of Jack Henry. "We expect to retain all of the e-Classic team, and add additional personnel as we generate new sales by cross-selling to our existing customers and adding new footprints outside our current base."

Tom Meurer, president of e-Classic, said: "The focus and mission of our company is to provide best-of-breed software and services to deployers of ATMs and other self-service devices. We are delighted to be joining the Jack Henry & Associates team, whose corporate culture and dedication to excellence mirrors our own. Our employees and customers will not only continue to receive excellent service, but also will benefit from the expanded financial and technological resources of an industry leader."

According to the "Springfield Area's Largest Publicly Held Companies" listing in SBJ's 2004 Book of Lists, Jack Henry reported 935 local employees and 2,358 total employees. The company is traded on NASDAQ under the symbol "JKHY."