ATM transaction processor Jack Henry & Associates Inc. yesterday completed its purchase of iPay Technologies, the nation's largest independent electronic bill-payment provider.
iPay Technologies, which is based in Elizabethtown, Ky., becomes a wholly owned subsidiary of Jack Henry & Associates, which is based Monett, Mo. Jack Henry announced in May it had agreed to purchase iPay for $300 million from Bain Capital Ventures and Spectrum Equity Investors.
"This acquisition, which represents our largest to date, expands our presence and potential in the growing payments industry with a highly competitive online bill pay solution that complements our existing offering and increases our transaction-based and recurring revenues," Kevin Williams, Jack Henry chief financial officer, said in a statement. Jack Henry also processes debit card and ACH transactions.
iPay's retail bill payment services include person-to-person payments, account-to-account interbank transfers, electronic bill presentment and automatic text alerts. The company's online bill pay services support more than 3,600 banks and credit unions.
