Jack Henry Spends $300 Million On iPay Technologies
May 07, 2010 at 08:18 AM EDT
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.