Jack Henry & Associates Inc. (Nasdaq: JKHY) signed a definitive agreement to purchase Redwood Shores, California-based Ensenta Corp.
The Monett financial industry software firm’s acquisition of the cloud-based mobile and online payment provider is expected to close in December for undisclosed terms, according to a news release.
"Payments represents one of our fastest-growing business lines, and we’re committed to supporting our customers with the best, high-demand payment solutions available,” Jack Henry President and CEO David Foss said in the release, noting the purchase would expand services to small businesses. “Through this acquisition, we will more than double the number of credit unions served by our Enterprise Payment Solutions group, opening up new relationships and cross-selling opportunities in the credit union market.”
Upon completing the buyout, Jack Henry would have roughly 2,300 financial institution customers in the area of consumer remote deposit capture services. Jack Henry currently counts more than 9,000 clients total nationwide.
The acquisition of Ensenta Corp. is Jack Henry’s second of its fiscal year.
In late October, the company announced the purchase of Longwood, Florida-based technology firm Vanguard Software Group, which joined its ProfitStars lending solutions unit. Prior to the acquisition of Vanguard, Jack Henry’s most recent purchase was of Bayside Business Solutions in 2015.
Earlier this month, Jack Henry reported first-quarter earnings of $63.4 million, up 2 percent, for fiscal 2018.
JKHY shares were trading at $114.58 as of 8:38 a.m., compared with a 52-week range of $84.28 to $115.94.
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