Jack Henry & Associates buys Pemco Tech (Corporate Dealmaker)

by Basdeo Hiralal

Earlier Thursday, we highlighted an IT services M&A watch list that Jack Henry & Associates Inc. (NASDAQ:JKHY) made as a possible acquisition target. If it were to get acquired, a buyer would have to shell out a little more since the Monett, Mo.-based company just acquired Pemco Technologies, a subsidiary of Pemco Corp., a major provider of payment processing solutions primarily for the credit union industry. Terms were not disclosed. Jack Henry CEO Jack Prim said in a statement that the deal also expands the company's presence in the credit union space, allowing reach outside its core client base. "We can sell these solutions to any credit union, regardless of core processing system, that has an in-house credit card program and needs a third-party gateway service to pass credit card transactions to Visa and MasterCard for processing. We are excited about the sales opportunities." And the winners are... Even in a period when things like toxic credit default swaps and noxious structured investment vehicles dominate the conversation in many parts of the deal community, people are still willing to take the time to recognize skill and achievement in the strategic transactions that help those companies adapt and grow.

Source: Jack Henry & Associates buys Pemco Tech (Corporate Dealmaker)