Jack Henry completes acquisition, nabs $255M client

Monett-based Jack Henry & Associates Inc. (NASDAQ: JKHY) this week announced it contracted a $255 million credit union client and earlier this month completed the acquisition of an Iowa-based technology firm.

Multimillion-dollar client
Dominion Credit Union in Virginia selected Jack Henry division Symitar's Episys platform for systemwide core processing services, according to a news release.

"We had been with our current core provider for more than 20 years. Since we were facing a hardware upgrade, we made the decision to compare the costs of converting to a new core system versus replacing our hardware platform," Dominion Vice President of Information Technology Kris Morelli said in the release.

The credit union has 22,000 members.

Symitar serves some 750 credit unions, and Jack Henry as a whole counts more than 11,300 customers nationwide, according to the release.

Iowa buy
On March 4, Jack Henry announced it completed its purchase of Cedar Falls, Iowa-based Banno, a company that provides Web and transaction marketing services with a focus on mobile devices.

Terms of the acquisition were undisclosed. Banno serves more than 375 financial institution customers, according to a separate release.

"Banno's innovations in the online and mobile space are impressive, and we're excited to combine our strengths in a way that expands our online and mobile suite and supports our clients who are hungry for additional Web and mobile banking options," said David Foss, president of Jack Henry's ProfitStars division, in the release.

JKHY shares were trading at $57.03 as of 11:22 a.m., compared to a 52-week range of $37.90 to $60.34.