YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Jack Henry reaches deal to sell Goldleaf division

Posted online
Monett financial industry software firm Jack Henry & Associates Inc. (Nasdaq: JKHY) signed a definitive agreement to sell its Goldleaf Enterprise Payments Inc. software division to a global investment firm.

Antelope Acquisition Co., an affiliate of Boston-based Battery Ventures LP, agreed to purchase Goldleaf, formerly known as Alogent Corp., for undisclosed terms. The deal is expected to close by May 31, according to a news release.

Jack Henry bought Norcross, Ga.-based data processing and check imaging company Goldleaf in October 2009. The company spent about $19 million on Goldleaf’s outstanding stock and absorbed company debt for a total value of about $60 million, according to Springfield Business Journal archives.

Goldleaf would become known as Alogent upon closure of the sale. Antelope Acquisition tapped Oakland, Calif.-based GT Nexus Chief Financial Officer Dede Wakefield as CEO. Battery Ventures partner Russell Fleischer and Vice President Jordan Welu will join the company’s board, according to the release.

"We are very excited about the growth opportunities of spinning out Alogent into a stand-alone company, including exploring potential add-on acquisitions," Fleischer said in the release. "Going forward, Alogent plans to take advantage of its new position as a stand-alone company to offer large banks best-of-breed technology and to capitalize on the growth in mobile banking by consumers and businesses."

Goldleaf bought Atlanta-based Alogent Corp. in 2008 for $42.5 million, according to a Business Wire report. The deal effectively merged the companies.

In Jack Henry’s fiscal second quarter ended Dec. 31, the company posted profits of $59.3 million, a 10 percent boost from $53.9 million a year earlier. The company serves nearly 10,800 customers.  

JKHY shares were trading at $83.04 as of 10:21 a.m., compared to a 52-week range of $60.10 to $86.23.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
From the Ground Up: Republic Intermediate School

The Republic School District is on track to open its Intermediate School for fifth- and sixth-grade students for the 2025-26 academic year.

Most Read
Update cookies preferences