Jack Henry & Associates goes on Christmas shopping spree
21 December 2004 | 4840 views | 0
US transaction processing firm Jack Henry & Associates (JKHY), has acquired TWS Systems, a Florida-based based imaging vendor, and the SERsynergy document management division of Virginia-based SER Solutions.
Financial terms of the transactions were not disclosed.
TWS Systems is a provider of image-based item processing solutions and ATM deposit processing services to banks and credit unions.
The company's turnkey image-based item processing platform, Imagecenter, was designed for use by credit unions and supports all forms of cheques and remittance payments. JKHY says it will integrate the Imagecenter system with its own core processing application, Episys.
TWS Systems also provides an Internet-based system that provides ATM deposit processing to banks and credit unions which supports both cash and cheque deposits and envelope and image-based ATM deposits.
Commenting on the deal, Kevin Williams, CFO of JKHY, says: "We believe acquiring TWS Systems can generate new market opportunities by adapting its industry-leading solution to support remittance cheque and cash payment processing for credit card and mortgage companies, government entities that collect taxes, and utilities."
The company has also bought SER Solution's SERsynergy business. The division's flagship document management (IDM) product enables financial institutions to automate processes by capturing, archiving, and retrieving images of all forms of paper-based and electronic documents.
The system also enforces compliance with regulatory requirements related to the ID storage and list-checking provisions of the USA Patriot Act, and the data, security, integrity, and confidentiality provisions of the Gramm-Leach-Bliley Act.
Jack Prim, CEO, JKHY, says: "We believe SERsynergy is a competitively distinct solution that will further differentiate our product and service offerings."