Jack Henry Completes iPay Deal

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MONETT, Mo. – Jack Henry & Associates said yesterday it has closed its acquisition of iPay technologies, a provider of electronic bill payment services, for $300 million in cash.

iPay's turnkey online bill pay services and technology are supporting more than 3,600 banks and credit unions. iPay partners with companies such as Jack Henry & Associates to provide online bill payment solutions to financial institutions and ultimately supports those institutions' retail and small business customers with a configurable electronic payments platform.

iPay is based in Elizabethtown, Ky.

Jack Henry & Associates was advised by Wells Fargo Securities and the law firm of Stinson Morrison Hecker LLP on the deal. William Blair & Company served as iPay's financial advisor in the transaction, and Choate, Hall & Stewart LLP provided legal counsel to iPay.

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