Jack Henry signs $1.4B California client

Monett technology firm Jack Henry & Associates Inc. (Nasdaq: JKHY) has inked a deal with a multibillion-dollar California bank to provide its core processing services.

Porterville, Calif.-based Bank of the Sierra, which has more than $1.4 billion in assets, selected Jack Henry's SilverLake System for systemwide automation, according to a news release.

"Based on our need for a best-in-class technology platform, we launched a due diligence process that lasted a year-and-a-half and included the primary technology providers serving the banking industry," Bank of the Sierra President and CEO Jim Holly said in the release. "Our thorough evaluation convinced us that SilverLake and its broad array of complementary solutions best met our functional requirements and that Jack Henry Banking's proven service culture will meet the expectations we have for our primary technology partner."

Complementary products include account opening and administration services; teller services; online and mobile banking; deposit and loan services; fraud detection and prevention; and disaster preparedness and recovery.

Jack Henry claims more than 1,300 bank clients, the release said. For its fiscal 2013 year ended June 30, the company posted profits of $477 million, a 13 percent increase compared to $423.7 million in fiscal 2012.

JKHY shares were trading at $50.76 as of 9:42 a.m., compared to a 52-week range of $36.56 to $52.42.