Jack Henry buys Florida firm

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Jack Henry & Associates Inc. (Nasdaq: JKHY) yesterday announced the acquisition of a Longwood, Florida-based technology firm.

The company, Vanguard Software Group, joins Jack Henry’s ProfitStars lending solutions group. Vanguard’s solutions include underwriting commercial loans, according to a news release. The financial terms of the deal were not disclosed.

Jack Henry officials say Vanguard’s technology will allow for near real-time communication with the Monett company’s core processing solutions.

“The market has moved very quickly in the past three years to automate and remove the paper-based processes for completing commercial loans,” Vanguard co-founder and CEO Mark Hill said in the release. “The need for a complete process of taking a new commercial loan request all the way to handing off a closed loan to the financial institution’s core system in a digital, paperless environment has been on everyone’s wish list.”

Jack Henry Executive Chairman Jack Prim said Vanguard has about 40 clients.

"We are not disclosing revenue at this time, but it is a small tuck-in acquisition that will complement one of our existing products and save us some development effort,” he said via email.

Jack Henry’s website lists its latest acquisition as Bayside Business Solutions in 2015, following the buyout of Banno in 2014.

Monett-based financial industry software firm Jack Henry recently reported fiscal 2017 revenue of $1.4 billion, a 6 percent increase. Net income dipped 1.2 percent to $245.8 million for the year ending June 30.

The company served over 9,000 customers and had $1.9 billion in assets as of June 30.

JKHY shares had little movement this morning following the acquisition news. Shares were trading at $102.55 as of 10:18 a.m., compared with a 52-week range of $79 to $109.67.