Monett, USAJack Henry & Associates, Inc.®


Core Platforms: SilverLake System®, Core Director®, CIF 20/20®, Episys®, CruiseNet® » Large product portfolio for banks and credit unions » Different core products for small, medium and large FIs » Available as in-house or outsourced solution » Wide range of ancillary applications


Silverlake, CIF 20/20, Core Director Jack Henry


Long-standing US provider, Jack Henry & Associates (JHA) was founded in 1976 to support community banks with in-house data processing systems. Today, JHA is a financially sound, service- driven company that sells and supports over 300 products and services to approximately 9,000 customers through three primary brands – Jack Henry Banking®, Symitar®, and ProfitStars®. Its customers include financial institutions across asset sizes, non-financial businesses, and other technology providers. Jack Henry Banking provides core and complementary solutions to approximately 1,100 banks, ranging from community banks to larger institutions. It has three core systems (SilverLake System, CIF 20/20, and Core Director) and about 140 fully integrated complementary products and services. Symitar is a core processing technology provider targeted specifically towards credit unions in the United States. Its two key core platforms – Episys® and CruiseNet®, with over 200 integrated complementary solutions and 150 third-party vendor applications, cater to about 800 customers. ProfitStars is centered on specialized solutions for financial performance, retail delivery, imaging and payments processing, information security and risk management. ProfitStars provides nearly 100 products and services that have been implemented by approximately 9,000 customers, and enables JHA to serve large non-traditional markets. All offerings have served the US market for several decades. The group has built up over time through several acquisitions. Profitstars had made some acquisitions of its own and was, itself, acquired by Jack Henry. It was a long- time provider of asset/liability management software to community banks and credit unions, claiming more than 2000 customers in its 22-year history, before being bought by Jack Henry in 2005. It was described by Jack Henry’s VP and CTO,


Mark Forbis, as the ‘biggest strategic change in 36 years, we couldn’t live by core alone’. While the product set looks somewhat complex with the need for multiple R&D streams, it all seems to add up to a successful business, despite previous few difficult years. Jack Henry had revenues of $745 million in 2009 but this was $1,431 million in 2017, with steady increments in between. Earnings per share headed in the same direction over the period, from $1.22 in 2009 to $3.14 in 2017. And the supplier has a considerably simpler product set than Fiserv in particular. Silverlake is Jack Henry’s mid-tier bank flagship and it has only two systems for credit unions, compared to Fiserv’s 13. Jack Henry & Associates announced the acquisition of Bayside Business Solutions in July 2015, a provider of complete portfolio management systems for commercial lenders and industry leader in providing factoring software. Founded in 1998, Bayside Business Solutions is located in Birmingham, Alabama. The company integrated with ProfitStars® Lending Solutions Group.


US Financial Services Technology Market Report | www.ibsintelligence.com


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