Jack Henry & Associates said today that it has completed its $300 million cash acquisition of iPay Technologies.
The Monett, Mo., provider of core banking and transaction processing solutions to more than 11,500 institutions said iPay Technologies, formerly the largest independent provider of bill pay technology, will now be operated as a wholly owned subsidiary. The deal had been announced May 7.
iPay Technologies, based in Elizabethton, Ky., provides online bill pay and related services to more than 3,600 banks and credit unions, including more than 1,000 existing Jack Henry customers, many of them on the Symitar core processing platform.
"This acquisition, which represents our largest to-date, expands our presence and potential in the growing payments industry with a highly competitive online bill pay solution that complements our existing offering and increases our transaction-based and recurring revenues," said Kevin Williams, chief financial officer of Jack Henry & Associates.