Jack Henry & Associates Inc., a provider of integrated technologies solutions and data processing services for financial institutions, has acquired Elizabethtown-based iPay Technologies for $300 million in cash.
iPay was founded in 2001 and now employs a staff of 250. The company currently operates as the one of the largest independent electronic bill-pay providers in the United States. Through partnerships with more than 50 providers of information processing and online banking solutions, iPay supports more than 3,600 banks and credit unions, a figure that represents approximately 40 percent of the nation’s community banks.
“If you pay your bills online, it’s probably a company like ours,” iPay co-founder Dana Bowers said during an August 2009 interview with The (Elizabethtown) News-Enterprise.
Jack Prim, CEO of Missouri-based Jack Henry & Associates, said, “We have been long-time business partners with iPay and have used its platform to process the electronic bill payments initiated with our NetTeller Bill Pay solution used by more than 1,075 banks and credit unions. We pursued this acquisition based on our first-hand experience with iPay’s payments expertise and technology, its commitment to consistently deliver best-of-breed solutions, the outstanding service levels it provides, and our consistent corporate cultures.”
The transaction is set to close this month.