Jack Henry & Associates is buying iPay Technologies for $300 million, the Missouri-based data processing and integrated technology company's largest acquisition yet, the company said.
iPay Technologies was founded 10 years ago in Elizabethton, Ky., and provides online bill pay and related services to more than 3,600 credit unions and banks, making it the largest independent bill pay provider in the country, the companies said.
Jack Henry will buy all the equity of iPay from Spectrum Equity Investors and Bain Capital Ventures for $300 million in cash at closing, the companies said, with closing expected in June.
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Jack Henry-owner of the Symitar core platform-said it already partners with iPay in providing services to about 1,075 credit unions and banks through its NetTeller online banking platform.
"iPay operates as a seamless extension of its business partners with a sophisticated billpay engine that easily integrates with any online banking solution," said Jack Henry CEO Jack Prim. "This is a key acquisition that supports our expansion in the electronic payments industry and further strengthens our payments offering."
Bill Ready, president of iPay Technologies, said, "iPay and Jack Henry have enjoyed a great partnership and we are thrilled that our two companies are now coming together."
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