IT and data-processing solutions provider Jack Henry & Associates Inc. today announced its acquisition of Washington-based Pemco Technologies, a provider of payment-processing solutions for the credit union segment.
According to a news release from Jack Henry, Pemco Technologies' products and services include credit and debit signature processing; PIN-based processing; ATM services; cardholder awards programs; fraud management, detection and prevention solutions; personalized cards; and prepaid card programs.
Jack Prim, CEO of Jack Henry & Associates, says the partnership will allow the company to extend its reach in the credit union space:
This acquisition supports our expansion in the growing electronic payments industry with solid credit card solutions that complement the broad array of ATM and debit card solutions we already provide through our jhaPassPort product suite. This acquisition also expands our presence in the credit union space and enables us to broaden our reach outside our core client base. … We are excited about the sales opportunities that we believe exist with a richer product offering that supports the growing electronic payments segment of the financial services industry.
Jack Henry says PEMCO Corp. made the decision to divest the Pemco Technologies business so it could focus on its primary insurance business. Terms of the acquisition were not disclosed.
