Jack Henry & Associates Completes Transcend Systems Acquisition
biz.yahoo.com
MONETT, Mo., Jan. 3 /PRNewswire/ -- Jack Henry & Associates (Nasdaq: JKHY) today announced it has completed its purchase of Transcend Systems Group, Inc., a provider of customer relationship management (CRM) software to community financial institutions. The transaction was a combination of cash and common stock and is expected to be immediately accretive to earnings.
Transcend Systems will continue to operate from its Sioux Falls, South Dakota offices as a subsidiary of Jack Henry & Associates, offering its affordable CRM solution, Relationship Explorer®, to community financial institutions. Relationship Explorer is available to JKHY customers immediately. Separately, Jack Henry is developing a comprehensive and fully integrated CRM solution through a partnership with privately held ARGO Data Resource Corporation. This product is slated for release at the end of calendar 2002.
``One of the fastest growing technology applications in today's market, CRM solutions provide data and tools for cross-selling customer tracking, sales management, incentive compensation, profitability analysis and customer satisfaction improvement processes,'' said Terry W. Thompson, President. ``The Transcend acquisition, coupled with our alliance with ARGO, will provide a full complement of CRM tools for all our customers. We believe CRM products will begin to contribute significantly to our revenues and profits next year (fiscal 2003), and expect they have the potential to contribute $100 million or more to our revenues in the next five to six years.'' |
