News

Transaction processor to purchase e-ClassicSystems

April 12, 2004

MONETT, Mo. and NORWOOD, Mass. - Transaction processor Jack Henry & Associates(Nasdaq: JKHY) has signed agreements to purchase e-ClassicSystems, developer of a suite of software products developed to enable institutions to manage the complete operations and accounting of their ATM networks.

According to a news release, Jack Henry will market e-Classic's ATM Manager Pro software, which offers six fully-integrated modules addressing all facets of ATM management, to all of its existing financial institutions, non-core financial institutions and ISOs which operate ATM networks.

"We continue to look for complementary products that meet the needs of our financial institution customers and allow them to operate more efficiently and profitably and at the same time expand our potential market," said Michael E. Henry, chairman and chief executive of JKHY

The software developer, which has 16 employees in the greater Boston area, will operate as a wholly-owned subsidiary of JKHY and will market products and services to JKHY's existing financial institution customers and to non-core ISO customers.

"We expect to retain all of the e-Classics team, and add additional personnel as we generate new sales by cross-selling to our existing customers and adding new footprints outside our current base," said Jack Prim, president of JKHY.

"Our employees and customers will not only continue to receive excellent service, but also will benefit from the expanded financial and technological resources of an industry leader," said Tom Meurer, president of e-Classic.

Kevin D. Williams, JKHY's CFO, said the company expects e-Classic will be slightly accretive to earnings this fiscal year.

Financial terms of the deal were not disclosed.