Jack Henry & Associates Acquires CU Solutions
Monday November 18, 9:29 am ET
biz.yahoo.com
MONETT, Mo. -(Dow Jones)- Jack Henry & Associates acquired CU Solutions Inc., a closely held provider of in-house data processing systems for smaller credit unions, primarily those with assets below $20 million.
Financial terms weren't disclosed.
In a press release Monday, Jack Henry said CU Solutions produced 2001 revenue of about $2 million, of which abouty 40% was recurring revenue. For the fiscal year ended June 30, Jack Henry reported $396.7 million in revenue.
CU Solutions' flagship product, Cruise/SQL, is a PC-based software system. The company employs 20 individuals in the greater Charlotte, N.C., area. The operations will be integrated into Jack Henry's Charlotte office, which employs about 100.
Jack Henry entered the credit union business in 1998, with its acquisition of Peerless Group. In 2000, the company acquired Symitar and the Episys core system for credit unions, and decided to market all of its credit union products under the Symitar brand. |
