Jack Henry has announced completion of its acquisition of mobile marketing and responsive web design specialist, Banno. The amount of the acquisition was not disclosed.
The move is the consummation of a relationship that began in the summer of 2013, when Jack Henry & Associates’ ProfitStars deployed Banno’s mobile financial app, Grip, as a white-label solution.
The success of the technology, and a sense of compatibility between the cultures of the two companies, led to a closer relationship, a partnership and, in less than a year, the completed acquisition announced this week.
Banno CEO, Wade Arnold said, “It’s an exciting time to be an innovator in the financial services industry, and this acquisition is a tremendous opportunity for Banno to leverage JHA’s proven technologies.”
In addition to Grip, the Banno acquisition will provide Jack Henry with additional resources to add to its already-considerable arsenal. These include tools for designing and developing responsive websites, and an online advertising platform.
David Foss, president of ProfitStars (one of Jack Henry & Associates’ three primary brands) said, “Banno’s innovations in the online and mobile space are impressive, and we’re exciting to combine out strengths in a way that expands our online and mobile suite.”
Jack Henry & Associates is a major provider of technology solutions for financial institutions. Its major brands include Jack Henry Banking, Symitar, and ProfitStars.
With more than 375 customers, Banno was recognized by American Banker as one of ten financial companies to watch for in 2013. The company was founded in Cedar Falls, Iowa in 2008 (as T8 Webware), and is currently headquartered in Des Moines.
Jack Henry & Associates was on the Finovate stage as recently as February, demoing Datavault alongside partner, Luminous. Banno demoed its marketing solution for banks and financial institutions at FinovateSpring 2013.