News Releases
Jack Henry & Associates to Acquire Pemco Technologies
MONETT, Mo., Oct 29, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced the acquisition of Washington-based Pemco Technologies, a wholly owned subsidiary of PEMCO Corporation and one of the nation's leading providers of payment processing solutions primarily for the credit union industry. Terms of the transaction were not disclosed.
Pemco Technologies' products and services include credit signature processing; debit signature processing; PIN-based processing; ATM services; cardholder awards programs; fraud management, detection, and prevention solutions; personalized cards; and prepaid card programs. These payment-related products and services are currently supporting approximately 235 financial institution customers.
According to Jack Prim, CEO of Jack Henry & Associates, "This acquisition supports our expansion in the growing electronic payments industry with solid credit card solutions that complement the broad array of ATM and debit card solutions we already provide through our jhaPassPort product suite. This acquisition also 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. We are excited about the sales opportunities that we believe exist with a richer product offering that supports the growing electronic payments segment of the financial services industry."
Kevin Williams, CFO of Jack Henry & Associates, said, "Acquiring Pemco Technologies supports our strategy to buy companies with proven solutions that complement our existing product offering and that have a corporate culture that like ours is dedicated to providing high quality technology solutions and excellent customer service. This acquisition will generate cross-sale opportunities among our respective client bases and generate new sales opportunities with financial institutions outside our core client base. We expect this acquisition to be slightly accretive in the first full year and improve beyond that as we recognize the full impact of operational synergies."
PEMCO Corporation elected to divest this business line in order to strategically focus on its primary insurance business which encompasses life, home, auto, and boat insurance offerings.
This transaction will be discussed during Jack Henry & Associates' upcoming first quarter fiscal 2010 earnings conference call scheduled for November 4, 2009 beginning at 7:45 a.m. Central (8:45 a.m. Eastern). The Webcast can be accessed on the company's Web site at http://www.jackhenry.com. Please log on approximately 10 minutes prior to the beginning of the call. An archived replay of the call will be available on http://www.jackhenry.com approximately one hour after the live call.
About Pemco Technologies
Pemco Technologies provides innovative payment solutions to the financial industry including credit signature processing, debit signature processing, PIN-based processing, ATM services including one of the largest surcharge-free ATM networks, 24 X 7 credit and debit fraud management/detection/prevention, cardholder awards programs, card portfolio profitability programs, prepaid card solutions, card manufacturing and personalization, merchant programs, Web-based system access, chargeback processing, instant issue and activation, daily settlement, and 100 percent of interchange income paid daily. Pemco is SAS 70 and PCI compliant. Award-winning reliability and renowned customer service make Pemco one of the nation's top payment solutions companies. Additional information is available at www.pemcotech.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 9,800 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking(TM) supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar(TM) is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars(R) provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at http://www.jackhenry.com .
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates
http://www.jackhenry.com
Copyright (C) 2009 PR Newswire. All rights reserved.
Chevron West CU Joins the Pemco Family (Word)
Chevron West Credit Union has selected Pemco Technologies for Visa credit and debit processing, ATM issuing and acquiring services, and cardholder loyalty awards. The institution, based in Woods Cross, Utah, has assets of more than $77 million and more than 5,000 members. (8/24/09)
International Airlines Employees FCU Joins the Pemco Family (Word)
International Airline Employees Federal Credit Union has selected Pemco Technologies for credit and debit processing and ATM issuing services. The institution, based in Rosedale, New York, has assets of more than $28 million and 2,100 members. (6/24/09)
Pemco Announces 2nd Quarter Conference Schedule (Word)
Pemco Technologies representatives will be in attendance at a variety of shows and conferences over the next three months, as detailed in this release. (3/16/09)
Pemco Releases Surcharge-Free Marketing Campaign Materials (Word)
In its ongoing program to provide marketing campaign templates to customers, Pemco Technologies has released three Surcharge-Free ATM campaigns. (3/16/09)
John Larsen Becomes Certified Finanical Crimes Investigator (Word)
Pemco Technologies' Security and Fraud Specialist, John Larsen, is now a Certified Financial Crimes Investigator as designated by the International Association of Financial Crime Investigators (IAFCI). (2/26/09)
Family Trust FCU Joins Pemco Family (Word)
Family Trust Federal Credit Union, with assets of $218 million and 33,400 members, has selected Pemco Technologies to process its Visa credit and debit transactions. The institution, based in Rock Hill, South Carolina, has also chosen Pemco for its ATM issuing and acquiring services and its cardholder awards program (12/12/08)
Sacramento Credit Union Joins Pemco Family (Word)
Sacramento Credit Union, with assets of more than $307 million and approximately 28,000 members, has selected Pemco Technologies to process its Visa credit and debit transactions. The California institution has also chosen Pemco for ATM issuing and acquiring services and cardholder loyalty programs. (11/28/08)
Pemco Technologies Offers Customers Digital Compliance Service (Word)
Pemco Technologies is working with Digital Compliance, LLC. to provide customers with accessible, up-to-date documentation regarding regulatory compliance. Without a fee, Pemco customers can go to a secured Web site and download Pemco's latest compliance documentation. (10/31/08)
Maine State Credit Union Joins Pemco Family (Word)
Maine State Credit Union has selected Pemco Technologies for credit card processing as well as its Extra Awards loyalty program for cardholders. The Augusta-based institution has assets of more than $240 million and 25,000 members. (9/23/08)
TelComm Credit Union Joins Pemco Family (Word)
TelComm Credit Union has selected Pemco Technologies for credit and debit processing services, as well as ATM issuing and acquiring. The Springfield, Missouri institution has assets of $86.5 million and more than 15,000 members. (9/18/08)
Raytown-Lee's Summit Community Credit Union Joins Pemco Family (Word)
Raytown-Lee's Summit Community Credit Union has selected Pemco Technologies for credit and debit processing, as well as ATM issuing and acquiring services. The Raytown, Missouri institution has 9,000 members and assets of more than $46 million. (9/15/08)
Columbia Greene FCU Joins Pemco Family (Word)
Columbia Greene FCU (CGFCU) has selected Pemco Technologies for credit, debit, and ATM processing services. The Hudson, New York institution has assets of over $20 million and 5,100 members (9/8/08)
Pemco Technologies Announces Enhanced Awards Program (Word)
Pemco Technologies today announced a completely upgraded Extra Awards loyalty program. With the new service, each financial institution will have its own awards Web site. Account holders can make travel redemptions in the same the way trips are booked on large travel and airline Web sites. (8/29/08)
Pemco Technologies Announces New Prepaid Card Solution (Word)
Pemco Technologies is offering customers a comprehensive new prepaid card program. Institutions can take advantage of gift cards, reloadable cards, travel cards, and youth cards. The program offers a range of flexible options to meet the needs of any financial institution. (7/7/08)
Goldenwest Credit Union Joins Pemco Family (Word)
Goldenwest Credit Union has selected Pemco Technologies for credit and debit processing services. The Ogden, Utah institution has assets over $600 million and nearly 69,000 members.
(3/28/08)
Oregon Employees FCU Joins Pemco Family (Word)
Oregon Employees Federal Credit Union (OEFCU) has selected Pemco Technologies for credit processing services. The Salem, Oregon institution has assets of $84.5 million and more than 9,500 members.
(3/28/08)
Pemco Technologies and Credit Union 24 Offer a Powerful Network Option (Word)
Pemco Technologies is offering its customers access to the world's largest surcharge-free ATM network-Credit Union 24's CU HERE Premium program. Through a new marketing arrangement with CU24, Pemco can provide customers with a significant enhancement to its ATM/POS service.
(3/3/08)
Central Credit Union of Florida Joins Pemco Family (Word)
Central Credit Union of Florida, with assets of more than $106 million and 14.7 thousand members, has selected Pemco Technologies to process its Visa credit and debit transactions. The institution, based in Pensacola, also offers its members a Pemco card-loyalty awards program.
(1/14/08)