MONETT, Mo. - Jack Henry & Associates on Monday said it has signed a definitive agreement to acquire Symitar Systems, Inc., a processor of credit union transactions, for $44 million in cash.
The deal, which could close within 45 days, is part of a bid to strengthen Jack Henry's presence in the credit union market. Jack Henry officials said there are 2,500 of these institutions that have more than $25 million of assets. Jack Henry has 90 of these as customers, and San Diego-based Symitar has 237.