Two of Finovate’s earliest alums – Jack Henry and Geezeo – are joining forces in an acquisition announced today. The deal will enable Jack Henry to sell Geezeo’s financial management solutions to its core bank and credit union customers, as well as offer Geezeo’s technology to its non-core clientele working with the company’s ProfitStars division.
Terms of the acquisition were not disclosed.
“We’ve already enjoyed a long relationship with Jack Henry & Associates, so we’re thrilled by this acquisition,” said Shawn Ward, Geezeo co-founder and CEO. “We look forward to what comes next as Jack Henry continues to build best-in-class digital platforms for financial institutions.”
Jack Henry made its Finovate debut in 2010. Geezeo’s first Finovate appearance was even earlier, at FinovateFall in 2007. The two companies have been “strong business partners” for years, according to Jack Henry VP Ron Moses who praised Geezeo as a company that “takes personal financial management (PFM) to the next level” – in part by leveraging data to build better relationships between FIs and their customers.
“The result is better control for consumers and businesses over their daily and long-term finances so they can achieve greater financial confidence,” Moses said.
Jack Henry sees Geezeo as a company that has effectively evolved beyond its origins as a PFM solution provider into a “critical data partner” for banks, credit unions, financial service providers, and other fintechs. The company seamlessly integrates its technology into client digital banking platforms to help support better customer engagement, drive more effective cross-selling, and leverage data to provide deeper insights into customer preferences.
Founded in 2006, Geezeo demonstrated its PFM technology at FinovateFall 2014. In addition to partners like Alliant, Suncoast Credit Union, and Regions, Geezeo announced last fall that Best Innovation Group would use its SDK to add PFM functionality to their Financial Innovation Voice Experience (FIVE) voice banking platform. Also last year, Geezeo released its Responsive Tiles product that gives credit unions and banks a new way to readily incorporate PFM into mobile and online digital banking platforms.
A three-time winner of Forbes Best Large Employers award, Jack Henry & Associates is the primary technology partner for more than a 1,000 financial institutions ranging from credit unions and community banks to billion-dollar mid-tier banks and multi-bank holding companies. Founded in 1976 and headquartered in Monett, Missouri, Jack Henry trades on the NASDAQ exchange under the ticker symbol JKHY and has a market capitalization of $10 billion. The company demonstrated its technology at FinovateFall 2015.
Banking technology services provider Jack Henry has reached a milestone today, marking more than 100 bank clients using JHA Online Financial Management powered by digital banking company Geezeo.
This comes after the two formed a partnership last March in which Jack Henry’s JHA Online Financial Management began integrating the Geezeo platform. Leveraging transaction data from Jack Henry’s core systems, Geezeo presents a seamless user experience through the Missouri-based company’s NetTeller Online Banking, goDough mobile banking, and Banno digital banking solutions (Jack Henry acquired Banno for an undisclosed sum in 2014). Geezeo’s transaction categorization, budgeting, alerts, cash flow calendars, and data aggregation tools help consumers manage their finances.
In the press release, president of Jack Henry Banking Stacey Zengel said, “Creating a rich, rewarding digital experience is paramount for any financial institution’s growth. JHA Online Financial Management offers a modern, engaging experience for the end user while acting as a business driver for the financial institution. It’s that combination of added service and revenue drivers that create compelling industry trends.”
Founded in 2006, Geezeo offers white-label financial management solutions. The company processes and stores billions of transactions to deliver relevant insights that help banks enhance the user experience. The Connecticut-based company demonstrated its business financial management at FinovateFall 2014.
Jack Henry is a division of Jack Henry and Associates, a public company that was founded in 1976. It is one of 49 fintech companies that the NASDAQ tracks on its Fintech Index. Jack Henry and Associates serves more than 9,000 banking clients nationwide. At FinovateFall 2015, the company demonstrated the Banno platform.
F&M Bank of Virginia, a community bank with $700 million in assets, has introduced its new, personal finance management solution, Squirrel. The solution will be powered by Geezeo’s engagement banking platform, which gives FIs the ability to deliver highly relevant content to their customers. At the same time, the solution gives consumers the ability to use digital tools to help make informed decisions about their financial lives.
“We knew we wanted to enhance our digital prowess and offer customers a solution to help them manage their financial well-being,” F&M Bank CEO Dean Withers said. “We are excited to launch Squirrel and look forward to leveraging digital and data to foster long-lasting relationships and mutually rewarding customer relationships.”
Serving the Shenandoah Valley with 13 full-service branches and more than 160 full and part-time employees, F&M Bank named its PFM solution “Squirrel” in harmony with its “long-standing tree logo.” The company noted in a statement that it hopes that Geezeo’s PFM solution will enable its customers to ‘stow away’ savings (the way squirrels notoriously stow away tree nuts) by helping them keep a sharper eye on their spending.
Platforms like Squirrel enable community banks to better compete with larger financial institutions. By enhancing customer engagement and offering unique services, community banks with robust digital platforms can also serve as a convenient hub for syncing financial information between a home bank and other accounts. Geezeo’s platform also provides banks with analytics based on their aggregated transactional and behavioral data, giving bank marketing teams the ability to offer more informed and targeted products and services to customers.
Geezeo demonstrated its TruBusiness white-label, BFM platform at FinovateFall 2014. Founded in 2006 and headquartered in Braintree, Massachusetts, Geezeo teamed up wth fellow Finovate alum, Digital Onboarding last fall, and last August introduced its new suite of UI/UX personalization and customization tools, Responsive Tiles. The company unveiled its new digital reputation management solution back in May – the same month Geezeo was named a finalist in NAFCU’s 2017 Innovation Awards. Geezeo includes TheStreet.com among its investors. Peter Glyman (President) and Shawn Ward (CEO) are co-founders.