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Jack Henry Acquires Bank Tech Startup Banno

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The banking software provider Jack Henry & Associates (JKHY) has acquired the banking technology startup Banno.

Banno's operations and management teams will continue working out of the company's locations in Cedar Falls and Des Moines, Iowa, the companies said in a joint press releaseTuesday. The price of the deal was not disclosed.

The deal follows a July 2013 partnership in which Jack Henry's ProfitStars division sold Banno's Grip mobile application under the name Andiamo, according to the release. The app helps bank customers comparison-shop and decide whether to make purchases.

"Banno's reputation for innovative solutions is apparent in the industry, but it became more visible to us when we formed our business partnership and developed our Andiamo solution," ProfitStars president David Foss said in the release. "We know firsthand that Banno is committed to delivering the most high-demand technology coupled with unmatched support and service, which are two areas of business that we place a high value on here at Jack Henry."

Founded in 2008, Banno serves more than 375 financial institutions. The company's other core services include a targeted online advertising platform and a responsive-website design and development tool. It was named one of American Banker's "Top 10 Tech Companies to Watch for 2012."

"This acquisition is a tremendous opportunity for Banno to leverage Jack Henry's proven technologies," Banno Chief Executive Wade Arnold said in the release.

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