Jack Henry & Associates Inc. is buying Pemco Technologies, a provider of card and payment processing solutions to about 235 financial institutions, primarily credit unions.
Seattle-based Pemco Technologies' product list includes credit and debit signature and PIN processing, ATM services, cardholder awards and personalization programs, prepaid card programs and anti-fraud solutions.
Pemco Technologies is a subsidiary of PEMCO Corp., which said it was divesting Pemco Technologies in order to focus on its primary business-life, home, auto and boat insurance.
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"This acquisition expands our presence in the credit union space and enables us to broaden our reach outside our core client base. We can sell these solutions to any credit union, regardless of core processing system, that has an in-house credit card program and needs a third-party gateway service to pass credit card transactions to Visa and MasterCard for processing," said Jack Prim, CEO of Jack Henry & Associates in Monett, Mo.
Jack Henry & Associates now provides more than 9,800 customers nationwide with processing and transaction processing services through its Symitar, ProfitStars and Jack Henry Banking brands, the company said.
Terms were not disclosed.
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