Jack Henry Acquires Geezeo

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.

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Jack Henry & Associates Inks Deal with First State Community Bank

Missouri-based First State Community Bank (FSCB) has selected Jack Henry and Associates’ Commercial Lending Center Suite for its digital growth plans, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Jack Henry’s ProfitStars division said FSCB already uses the SilverLake System for its core banking.

“We’re looking forward to leveraging a commercial lending platform that will automate manual processes and enhance efficiencies as we continue to scale,” said Ben Wasson, vice-president and senior credit administration officer for FSCB. “We’re not just rolling out new technology, we’re implementing a modern way of doing business.”

The suite is digital loan origination platform that includes automated decisioning and portfolio management workflow.

FSCB is the largest banking organization headquartered in Southeast Missouri. It selected ProfitStars’ lending platform “because of its intuitive borrower experience, data integration and advanced portfolio management capabilities”.

“Commercial lending is often the most paper-intensive process in banking, which is off-putting for both borrowers and bank employees,” added Russ Bernthal, vice-president of Jack Henry and ProfitStars.

Founded in 1976, Jack Henry & Associates demonstrated its technology at FinovateFall 2015. The company is headquartered in Monett, Missouri. With a market capitalization of $10 billion, Jack Henry trades on the Nasdaq under the ticker “JKHY.”