ProfitStars Expands Credit Union ALM Client Base
MONETT, Mo., April 7 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc (Nasdaq: JKHY - News) today announced it has acquired the CUPRO and CUPRO Express Asset-Liability Management programs from CUNA Mutual Group effective as of April 1, 2006. The acquisition expands the CUNA Mutual-Profitstar strategic relationship, which began in April 2005, when CUNA Mutual partnered with Profitstar, Inc of Omaha, NE to offer their Profitstar ALM program to CUNA Mutual's clients. Jack Henry previously acquired Profitstar, Inc last November. Going forward, the CUPRO ALM programs and the Profitstar products and services will be marketed under Jack Henry's recently launched brand known as ProfitStars.
"The CUPRO sale is consistent with CUNA Mutual's decision to phase out of the ALM software business and focus on providing balance sheet and investment management products and services," said Kevin Thompson, vice president of CUNA Mutual's Credit Union Financial products area.
"CUNA Mutual has worked with Profitstar for almost a year, and we've been very impressed with the company's products, customer service and software development capabilities. Profitstar has an excellent record for delivering product enhancements to the credit union marketplace, and we believe they are in the best position to support credit unions with their suite of balance sheet management tools," Thompson said.
ProfitStars will serve over 650 small and mid-size credit unions currently using the CUPRO and CUPRO Express programs. "ProfitStars is committed to supporting the CUPRO and CUPRO Express products, along with our line of products to provide credit unions the tools and service they need for ALM. We will work hard with CUNA Mutual to have the CUPRO and CUPRO Express clients transition smoothly." said Bill Goedken, a ProfitStars group president.
CUNA Mutual and ProfitStars have long track records of providing ALM services to credit unions, dating back to CUNA Mutual's introduction of Model Management in 1983. Today ProfitStars is one of the leading providers of ALM, profitability, budgeting, and financial management solutions, with more than 2,850 clients. Terms of the agreement were not disclosed; however the transaction is not expected to have an immediate impact on Jack Henry's financial performance.
ProfitStars, a division of Jack Henry & Associates, provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control; and complement virtually any core information processing platforms. Additional information is available at www.manageforperformance.com or by calling 877-827-7101.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. provides integrated computer systems and processes ATM and debit card transactions for financial institutions. Jack Henry markets and supports its systems throughout the United States and has more than 8,600 customers nationwide. For additional information on Jack Henry, visit the company's web site at www.jackhenry.com.
About CUNA Mutual Group
The CUNA Mutual Group is the leading provider of financial services to credit unions and their members worldwide. More information on the company is available on the company's Web site at www.cunamutual.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.