Monett-based Jack Henry & Associates Inc. (Nasdaq: JKHY) closed Monday on its purchase of the country's largest independent electronic bill pay provider.
The banking technology company acquired iPay Technologies in a $300 million deal. The deal makes iPay, which provides services for more than 3,600 banks and credit unions, a wholly owned subsidiary of Jack Henry.
As first reported in Springfield Business Journal last month
, the deal – the third in seven months – is the largest in Jack Henry's history and expands the company's presence in the electronic bill payment arena.
"The last three acquisitions that we’ve done … have been in and around various parts of the payment systems – ATM and debit cards, credit card transactions, remote deposit capture transactions and electronic bill payment,” CEO Jack Prim told SBJ in May. “Those parts of our business are growing much faster than our traditional business. What it gives us is some additional presence in that market, but really some additional high-growth business.”
On Oct. 1, the company closed on Georgia-based data processing and check imaging provider Goldleaf Financial Solutions Inc., purchasing an estimated $19 million in outstanding stock and absorbing company debt for a total value of about $60 million.
Later that month, Jack Henry announced its intention to purchase Washington-based Pemco Technologies, and Prim said the company paid a similar price.
Shares of Jack Henry stock closed Friday at $23.32, compared to a 52-week range of $18.41–$26.50. Shares were up to $23.34 as of 9:45 a.m. Monday.[[In-content Ad]]