Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today it announced the acquisition of Bayside Business Solutions, a provider of complete portfolio management systems for commercial lenders and industry leader in providing factoring software.
Founded in 1998, Bayside Business Solutions is located in Birmingham, Alabama.
The company will become a part of Jack Henry & Associates' ProfitStars® Lending Solutions Group that continues to have a successful history of assisting bank partners with their commercial loan portfolio growth and diversification. Bayside's already strong market position in factoring technology through its FactorSoft solution became even stronger in the past three years with the development of CADENCE. CADENCE is a commercial portfolio management platform that supports a variety of commercial financing products (including the solution formerly branded as FactorSoft) ranging from factoring to all types of asset-based commercial loans. The CADENCE technology allows borrowers access to the overall credit process through a virtual 24/7 online portal. CADENCE's ability to seamlessly accommodate the entire life cycle of a commercial loan customer in a single platform makes it an ideal solution and complement to ProfitStars' commercial lending solutions platform.
According to Russ Bernthal, president of Jack Henry & Associates' ProfitStars division, "Bayside's innovative technology platform is supported by an exceptional customer care philosophy and a service culture that closely parallels that of ProfitStars. The CADENCE technology expands the functionality currently offered to ProfitStars clients through our BusinessManager® product, our newly launched Commercial Lending Center, and other ProfitStars offerings."
Russ Opper, founder and managing director of Bayside Business Solutions, commented, "We are thrilled to become a part of the ProfitStars organization and believe that the coupling of our products with those of ProfitStars creates one of the strongest commercial lending solutions in the marketplace today."
Terms of the transaction were not disclosed.
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