Jack Henry Completes iPay Deal
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.