MONETT, Mo. - Jack Henry & Associates Inc. said Monday that it had purchased CU Solutions Inc., a provider of in-house data processing services that primarily serves credit unions with less than $20 million of assets.
Founded in 1982, CU Solutions has 20 employees in the Charlotte area, is profitable, and serves more than 140 credit unions, Jack Henry said. CU Solutions generated revenue of about $2 million last year, about 40% of it recurring.
Jack Henry did not say how much it paid for the privately held Fort Mill, S.C., company.
Michael E. Henry, the chairman and chief executive of Jack Henry, said in a press statement that the acquisition "fills a void in our product offerings for the smaller credit unions, which allows us the ability to effectively market to any size credit union."
Jack Henry, which provides computer systems and processes automated teller machine transactions for banks and credit unions, said it will operate CU Solutions as a wholly owned subsidiary in its credit union segment. It also said that it plans to retain the CU Solutions staff and to consolidate its offices. Jack Henry already has about 100 employees in the Charlotte area.
