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Jack Henry completes Goldleaf acquisition

01 October 2009  |  1906 views  |  0 Source: Jack Henry & Associates

Jack Henry & Associates (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that it has closed the transaction initiated to acquire Goldleaf Financial Solutions (Nasdaq: GFSI), a provider of integrated technology-based solutions primarily for the financial services industry.

As a result of the acquisition, Goldleaf Financial Solutions became a wholly owned subsidiary of Jack Henry & Associates and each outstanding share of GFSI common stock automatically converted into the right to receive $0.98 in cash.

Goldleaf will be assimilated into ProfitStars®, Jack Henry & Associates' third primary brand which was established to encompass the companies acquired to support its focused diversification strategy and to broaden its reach well beyond the company's traditional markets.

According to David Foss, president of ProfitStars, "This acquisition clearly supports our strategy to acquire companies that provide proven solutions that we can cross sell to our Jack Henry Banking(TM) and Symitar(TM) clients, that generate new cross-sale opportunities among our respective client bases, and that expand the specialized products and services ProfitStars sells to virtually any financial services organization regardless of core processing platform or asset size. This acquisition positions ProfitStars with a broader array of products and services, gives our clients and prospects more technology options, and immediately increases our market presence and potential."

Kevin Williams, CFO of Jack Henry & Associates, said, "We also expect this acquisition to increase the value we provide our shareholders. We anticipate significant near-term cost synergies and long-term organic revenue growth, and a more diversified revenue stream. This acquisition is expected to be slightly accretive in the first full year and improve as we recognize the full impact of estimated cost synergies."

This transaction received unanimous approval by the Goldleaf Board of Directors and majority approval by the company's shareholders.

 

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