Jack Henry & Associates Inc. (Nasdaq: JKHY) yesterday announced an acquisition officials say will boost its digital payment services for financial institution clients.
The Monett-based financial software firm signed a definitive agreement to buy Glastonbury, Connecticut, company Payrailz for undisclosed terms, according to a news release. The deal is expected to close Aug. 31.
"Considering the importance of modern digital and payments strategies to financial institutions, we plan to acquire Payrailz as a strategic addition to our payments ecosystem, which enables our clients to simplify the complexity of payments, modernize their existing payment channels and remain at the center of their account holders' payment experiences," said Greg Adelson, president and chief operating officer for Jack Henry, in the release.
Payrailz's services include real-time, person-to-person payments designed to allow financial institutions to move money more quickly.
"We are confident joining Jack Henry is in the best interest of our clients and our associates," said Fran Duggan, Payrailz CEO and founder, in the release. "As part of Jack Henry, we have the opportunity to leverage its financial strength and stability, extensive operational infrastructure, and industry, payments and security expertise."
Jack Henry is scheduled to release its fiscal fourth-quarter earnings report on Aug. 16.
JKHY shares were trading at $210.37 as of 9:04 a.m., compared with a 52-week range of $147.50 to $212.41.
Plans for the Finley Ridge apartment complex in the growing community of Ozark call for four buildings, four stories apiece, with 48 units each for a total of 192, as well as a 1,500-square-foot shared community and fitness room.