Navigation Links
Jack Henry & Associates Divests Insurance Agency Outsourcing Business Line
Date:7/1/2008

- Sale Accomplishes Specific Goals of All Parties -

MONETT, Mo., July 1 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that its insurance agency outsourcing solution has been bought by the business line's management team and a private equity group. Terms of the transaction were not disclosed.

Banc Insurance Services, Inc. (BIS) was founded in 1999 to provide a turnkey outsourcing solution that enables financial institutions to own an insurance agency without the capital investments required to build or buy an agency, or the inherent operational risks. BIS was acquired by Jack Henry & Associates in 2004 and was assimilated into its ProfitStars(R) brand in 2006. The company will now be re-branded as Insuritas, Inc. with its founder, Jeffrey Chesky, serving as president and CEO, and the existing employees joining the independent company.

Kevin Williams, CFO of Jack Henry & Associates, reported, "We have a disciplined acquisition strategy and establish revenue contribution and margin expectations for every acquisition we make. Despite our best efforts, this business line did not generate the financial performance we expected. We thoroughly evaluated our options and determined divesting this business line was in the best interest of our company and our shareholders. Divesting this business line will generate a modest improvement in our margins and eliminate the negative impact it had on cash flow. We also determined that selling this business line to its highly specialized management team is in the best interest of our joint clients because it will provide a consistent service experience and ongoing access to quality insurance products. We have established a strategic business alliance with Insuritas and will actively refer current and prospective customers interested in offering commercial and personal lines of insurance to them. We believe the opportunity to once again operate as a private company focused exclusively on insurance distribution provides the best near- and long-term outlook for this business."

According to Chesky, "As a part of Jack Henry & Associates, we were able to upgrade our master agency platform and build a more technology-rich infrastructure. While we enjoyed great support within Jack Henry, we believe our business can grow more rapidly operating as an independent company. We are excited about the opportunity to leverage our success and continue designing, implementing, and managing successful insurance agency aisles in the stores of financial institutions nationwide."

Jack Henry & Associates' ProfitStars division encompasses the remaining 16 acquisitions that were made to assemble more than 50 products and services that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions complement virtually any core information processing platform and facilitate revenue and growth, risk mitigation and control, and cost control.

About Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 8,700 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking(TM) supports banks ranging from de novo to mid-tier institutions with information and transaction processing solutions. Symitar(TM) is the leading provider of information and transaction processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at http://www.jackhenry.com.

Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.


'/>"/>
SOURCE Jack Henry & Associates, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Grosse Pointes Cottage Hospital Joins Henry Ford Health System
2. CNS Response, Inc. Names Henry T. Harbin, MD to Board of Directors
3. Fund-Raiser for Henry Ford Hospitals Stroke Program
4. Program for Stroke Survivors and Friends Hosted by Henry Ford Hospital
5. Repligen Elects Earl Henry, M.D. to the Board of Directors
6. Michigan Quality Council (MQC) Names Henry Ford Health System 2007 State Quality Award Recipient
7. AAPD to Present 2008 Henry B. Betts Award to International Human Rights Disability Advocate Eric Rosenthal
8. Cardiac Science Announces HeartCentrix(R) ECG Informatics Connectivity With Henry Schein Medical Systems MicroMD(R) EMR 5.0
9. Henry Ford Hospital expands research on gene and radiation therapy for prostate cancer
10. Henry Ford Hospital to study effectiveness of a new procedure that may help emphysema suffers
11. Stella Mora Henry to Present The Eldercare Handbook at Aging in America Joint Conference of National Council on Aging & The American Society on Aging March 27-29
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/19/2017)... NC (PRWEB) , ... May 19, 2017 , ... ... the Charlotte health community, Queens University of Charlotte recently began recruitment efforts for ... program’s curriculum arms students with the skills, knowledge and expertise to approach and ...
(Date:5/19/2017)... ... May 19, 2017 , ... When Kyle Busch graduates from ... will already appear on two major research studies that could impact the health of ... Matt Daggett, KCU alumnus and an orthopedic surgeon, alongside an international team trying to ...
(Date:5/19/2017)... (PRWEB) , ... May 19, 2017 , ... The Hill ... to families and entrepreneurs throughout the California Central Valley, is announcing a joint charity ... raising community support for a local kid’s camp event. , The Boys and Girls ...
(Date:5/19/2017)... ... May 19, 2017 , ... The Arnold and Mabel ... , Victor Acosta, Ph.D. - University of New Mexico, Jeremy Baskin, Ph.D. - ... of Washington, Erik Grumstrup, Ph.D. - Montana Stata University, A. Fatih Sarioglu, Ph.D. ...
(Date:5/19/2017)... GA (PRWEB) , ... May 19, 2017 , ... As ... Miller knows the importance of prostate cancer screenings. Early detection of the disease, ... head of robotic surgery at Georgia Urology , stands alongside the Georgia Comprehensive ...
Breaking Medicine News(10 mins):
(Date:5/10/2017)... 2017 Hologic, Inc. (Nasdaq: HOLX ... fiscal second quarter ended April 1, 2017 .   ... 666.7% compared to the prior year period as the ... significant gain, while non-GAAP diluted EPS of $0.50 increased ... in constant currency terms.  Excluding the effects of blood ...
(Date:5/10/2017)... -- Radiology has become the number one diagnostic tool ... to the number one ranking as a result.  More ... as the most complete and reliable method for clinical ... pain an MRI may confirm a suspected herniated disc ... entirely different treatment protocols.  In these circumstances, patients need ...
(Date:5/9/2017)... May 9, 2017  Demonstrating its commitment to ... directors for the Pharmaceutical Research and Manufacturers of ... Biopharmaceutical companies will now have to meet new ... be eligible to join PhRMA. "By ... is sending a clear message that being a ...
Breaking Medicine Technology: