Jack Henry & Associates has acquired Washington-based Pemco Technologies, a payment processor that mainly works with credit unions. Financial terms were not disclosed.
Pemco Technologies, claims around 235 financial institution customers, providing credit and debit signature processing, PIN-based processing, ATM services, cardholder awards programmes, fraud management, card personalisation and pre-paid programmes.
The unit is a wholly owned subsidiary of Pemco Corporation, which says it offloaded the business to focus on its primary insurance business.
Jack Prim, CEO, Jack Henry, says: "This acquisition supports our expansion in the growing electronic payments industry with solid credit card solutions that complement the broad array of ATM and debit card solutions we already provide through our jhaPassPort product suite. This acquisition also expands our presence in the credit union space and enables us to broaden our reach outside our core client base."
Earlier this month Jack Henry closed the acquisition of Goldleaf Financial Solutions in a cash deal worth around $19.1 million.