Jack Henry & Associates, a publicly listed provider of integrated technology solutions and data processing services for financial institutions, this morning announced that it is acquiring Kentucky-based iPay Technologies, a portfolio company of Spectrum Equity Investors, Bain Capital Ventures and management.
Jack Henry will purchase all of the equity of iPay for a purchase price of $300 million in cash, subject to certain closing and post-closing adjustments. The acquisition is expected to close in June 2010, provided the deal survives regulatory approvals and customary closing conditions.
iPay, an independent electronic bill pay provider in the States, was founded in 2001. Through strategic partnerships with more than 50 providers of information processing and online banking solutions, the company’s online bill pay services and tech are said to currently support more than 3,600 banks and credit unions.
iPay partners with companies like its impending buyer, Jack Henry & Associates, to provide online bill payment solutions to financial institutions and supports their retail and SMB customers with a highly configurable electronic payments platform.
iPay’s services include person-to-person payments, account-to-account interbank transfers, electronic bill presentment, the ability to pay bills from multiple accounts, expedited payments, payment tracking, automatic text alerts and payment reminders.