Source: Jack Henry & Associates
Jack Henry & Associates, Inc (Nasdaq: JKHY) today announced it has acquired the CUPRO and CUPRO Express Asset-Liability Management programs from CUNA Mutual Group effective as of April 1, 2006.
The acquisition expands the CUNA Mutual-Profitstar strategic relationship, which began in April 2005, when CUNA Mutual partnered with Profitstar, Inc of Omaha, NE to offer their Profitstar ALM program to CUNA Mutual's clients. Jack Henry previously acquired Profitstar, Inc last November. Going forward, the CUPRO ALM programs and the Profitstar products and services will be marketed under Jack Henry's recently launched brand known as ProfitStars.
"The CUPRO sale is consistent with CUNA Mutual's decision to phase out of the ALM software business and focus on providing balance sheet and investment management products and services," said Kevin Thompson, vice president of CUNA Mutual's Credit Union Financial products area.
"CUNA Mutual has worked with Profitstar for almost a year, and we've been very impressed with the company's products, customer service and software development capabilities. Profitstar has an excellent record for delivering product enhancements to the credit union marketplace, and we believe they are in the best position to support credit unions with their suite of balance sheet management tools," Thompson said.
ProfitStars will serve over 650 small and mid-size credit unions currently using the CUPRO and CUPRO Express programs. "ProfitStars is committed to supporting the CUPRO and CUPRO Express products, along with our line of products to provide credit unions the tools and service they need for ALM. We will work hard with CUNA Mutual to have the CUPRO and CUPRO Express clients transition smoothly." said Bill Goedken, a ProfitStars group president.
CUNA Mutual and ProfitStars have long track records of providing ALM services to credit unions, dating back to CUNA Mutual's introduction of Model Management in 1983. Today ProfitStars is one of the leading providers of ALM, profitability, budgeting, and financial management solutions, with more than 2,850 clients. Terms of the agreement were not disclosed; however the transaction is not expected to have an immediate impact on Jack Henry's financial performance.