WEST PALM BEACH, Fla. – In years past in this last issue of the year a number of credit union data processing or Net banking mergers that occurred would be chronicled. There's not as many these days, though there's been a deal here and there. One of the most intriguing deals of the year was Digital Insight's acquisition of VIFI in a $51 million deal. VIFI was one of the few remaining small credit union Net banking vendors that was actually doing well. VIFI was solely owned by Dave Becker, who created both VIFI and credit union data processor re:Member Data Services. The vitals on the two companies are shown in the boxes here. The DI/VIFI deal happened in the very beginning of the year, and the next major tech merger happened near the end. Jack Henry & Associates, traditionally a data processor for banks ranging from de novo to $5 billion, announced in late November that it would acquire CU Solutions, Inc., a DP vendor serving about 150 small CUs. The deal marks a clear interest by Jack Henry in the CU space and is its third acquisition of a credit union DP vendor -the other two being Symitar and Peerless. Jack Henry has been pleased with the success of its CU business, but was concerned that it did not have a product for small CUs. It believes that is no longer true with the addition of CU Solutions. [email protected]

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.