The last major independent provider of bill pay to credit unionshas been purchased by its biggest customer, but its president saidit's business as usual for his customers and end users.
iPay Technologies of Elizabethton, Ky., was sold last week bySpectrum Equity Investors and Bain Capital Ventures to Jack Henry& Associates of Monett, Mo., for $300 million in cash, with thedeal expected to close in June.
The acquisition is the largest yet for Jack Henry, perhaps bestknown in the credit union industry as the owner of the Symitar coreprocessing platform. It follows Fiserv's acquisition of CheckFreefor $4.4 billion in 2007 and FIS's purchase of MetavanteTechnologies for $2.94 billion last year.
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