Jack Henry to acquire Pemco Technologies

Monett-based banking software provider Jack Henry & Associates is acquiring Washington-based Pemco Technologies to strengthen its payment processing services to the credit union industry.

Pemco's services include credit and debit signature processing; personal identification number-based processing; automated-teller-machine services; cardholder awards programs; fraud management and detection; and prepaid card programs. The company has 235 financial institution customers.

Terms of the transaction were not disclosed.

"This acquisition ... expands our presence in the credit union space and enables us to broaden our reach outside our core client base," Jack Henry CEO Jack Prim said in a news release. "We are excited about the sales opportunities that we believe exist with a richer product offering that supports the growing electronic payments segment of the financial services industry."

According to the release, Pemco Technologies' parent company, PEMCO Corp., elected to divest its Pemco Technologies business to focus on its primary insurance business, which covers life, home, auto and boat insurance offerings.

Jack Henry will discuss the transaction during its quarterly earnings conference call Nov. 4, beginning at 7:45 a.m. Central time. The Webcast of the conference call will be available at the company's Web site.

Shares of Jack Henry & Associates (Nasdaq: JKHY) closed Thursday at $23.36, compared to a 52-week range of $14.29 to $24.75.