MONETT, Mo. - Jack Henry & Associates, which sells core data processing software and outsourcing services to financial institutions, has bought Sys-Tech Inc., which designs and builds computer facilities, in a stock deal valued at $16 million.
The privately held Sys-Tech had revenue of $10 million in 1999. Its 16 employees will continue operating at its Shawnee, Kan., location as a division of Jack Henry.
Sys-Tech has supported the core computer systems and facilities for more than 700 Jack Henry community bank customers since 1991. The acquiring company can now offer the rest of its financial institution customers "a more complete solution," said Michael Henry, chairman and chief executive officer.
Sys-Tech "built our first computer room in Monett in 1986," Mr. Henry said. Since then, Jack Henry has grown into a company that had $150 million in revenue for the last three quarters. Jack Henry serves more than 2,800 financial institution customers. In addition to core data processing software, it develops Internet banking and ATM networking technology.