May 10, 2010 (FinancialWire) — Jack Henry & Associates, Inc. (NASDAQ: JKHY), a provider of integrated technology solutions and data processing services for financial institutions, said that it has entered into a definitive agreement for the acquisition of  iPay Technologies, a portfolio company of Spectrum Equity Investors and Bain Capital Ventures.

Kentucky-based iPay was founded in 2001 and currently operates as an independent electronic bill pay provider in the United States. The firm offers turnkey online bill pay services and technology through strategic partnerships with more than 50 providers of information processing and online banking solutions. iPay supports more than 3,600 banks and credit unions, according to Jack Henry.

Under the terms of a definitive agreement, at the closing Jack Henry will purchase all of the equity of iPay for a purchase price of $300 million in cash, subject to certain closing and post-closing adjustments.

iPay partners with companies like Jack Henry & Associates to provide online bill payment solutions to financial institutions and supports those institutions' retail and small business customers with a configurable electronic payments platform. iPay's retail bill payment services include person-to-person payments, account-to-account interbank transfers, electronic bill presentment, the ability to pay bills from multiple accounts, expedited payments, payment tracking, automatic text alerts and payment reminders.

The firm’s small business bill pay suite includes functionality that permits users to delegate and manage payment tasks with strict entitlement controls, enforce dual account signature requirements to ensure established payment approvals, create customized electronic invoices and manage receivables.

Missouri-based Jack Henry’s technology solutions serve more than 11,800 customers nationwide, and are marketed and supported through three primary brands.  Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information processing solutions.

The firm’s Symitar brand is the provider of information processing solutions for credit unions of all sizes. Its ProfitStars provides specialized products and services designed to enable financial institutions and corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs.

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