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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 consist
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SOURCE Jack Henry & Associates, Inc.
Copyright©2008 PR Newswire.
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