Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of integrated computer systems and ATM/debit card/ACH transaction processing, today announced its acquisition of Tangent Analytics, LLC, a leading developer of Web-based business intelligence systems. Terms of the transaction were not disclosed.
This acquisition follows the strategic alliance established between Jack Henry and Tangent Analytics that facilitated the joint development of the Intelligence Warehouse and Intelligence Manager solutions. Intelligence Warehouse is a sophisticated data consolidation, reporting, and analysis system that is supported by Intelligence Manager, a Web-based dashboard that provides desktop access to user-defined decision-support information, performance metrics, and analysis tools.
According to Jack Prim, CEO of Jack Henry & Associates, "In order to maximise performance and profits, financial institutions of all sizes must have accessible, accurate, and timely business intelligence. Intelligence Warehouse and Intelligence Manager are proving to be high-interest solutions among our clients for managing strategic areas of their businesses more effectively with consolidated, real-time decision-support information and analytics."
Russ Bernthal, president and CEO of Tangent Analytics, said, "Intelligence Warehouse and Intelligence Manager provide diverse financial organisations with centralised repositories of actionable information about their customers, products, profitability, and risks. As financial institutions grow and expand their offerings, data gathering, reporting, and analysis becomes dramatically more complex. Tangent's turnkey business intelligence solutions leverage data structuring expertise and state-of-the-art data warehouse technology to seamlessly compile the information financial institutions need to identify and respond to business trends, and to make more informed strategic and tactical decisions."
Tony Wormington, president of Jack Henry, reported, "We also have identified opportunities to leverage Tangent's data consolidation, reporting, and analysis applications to further enhance the solution suites offered by several of our recently acquired companies, including the ATM channel management solution provided by eClassicSystems, Inc.; and the risk mitigation solutions provided by Optinfo, Inc. Tangent's solutions provide the sophisticated and proven foundation for our company-wide data warehouse solutions."
Kevin Williams, CFO of Jack Henry, concluded, "We do not expect this acquisition to impact revenue or EPS in the near-term. But we believe the ability to more proactively control the ongoing development and enhancement of these solutions will provide our clients with competitively distinct business intelligence that will become mission-critical IT solutions. Consistent with the majority of our recent acquisitions, Tangent Analytics also provides a product offering that is compatible with larger financial institutions and can be sold outside our traditional markets."