Symitar Wins 35 New Credit Unions in 2013 Fiscal Year - Core processor increases market share among billion dollar credit unions and capitalizes on outsourcing trend -
MONETT, Mo., Sept. 4, 2013 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division today announced that it won 35 new core credit union clients during the 2013 fiscal year, which ended June 30.
Three of the credit unions selecting Symitar's Episys® core platform have assets exceeding $1 billion, positioning Symitar as the primary technology partner with 76, or 39 percent, of the 196 credit unions with assets of more than $1 billion. Eighteen of the new credit union clients opted to implement the Symitar core system in an outsourced environment.
Symitar also reported strong interest in its outsourced offerings among its existing in-house core clients. Twelve in-house Episys clients elected to migrate to EASE™, the Episys outsourced solution, and 13 in-house CruiseNet® clients elected to migrate to outsourced delivery.
University of Illinois Employees Credit Union, which has approximately $300 million in assets and more than 45,000 members, is among the new in-house Episys clients. Jennifer Peyton, the credit union's senior vice president and chief financial officer, said, "We launched an extensive evaluation and retained a consulting firm to help us identify the core system that could best support our near- and long-term requirements. Our evaluation included a three-day demo of Episys and a hands-on lab that allowed our staff to explore the system's design, navigation, and functionality. We attended Symitar's annual education conference which enabled us to interact with diverse credit unions already automated by Episys and have candid conversations and get real-world perspectives on Symitar's change management process, service infrastructure, and the day-to-day service experience. We will complete our conversion process, themed "2013: A Core Odyssey," this fall and we are excited about the operational and efficiency improvements Episys will generate day-one."
Texas-based MCT Credit Union, which has approximately $220 million in assets and more than 20,000 members, is another new client that will implement the Episys outsourced model, EASE. According to Thad Angelle, CEO of MCT Credit Union, "We need a core system that can support the process improvements and provide the processing speed that we need to be more efficient. And we need a core system that is backed by aggressive R&D and product enhancement programs that will keep us on the leading-edge of technology and competitive in the markets we serve. Our executive team initiated our search for a new core system, reviewed alternative systems and companies, and narrowed our focus on two systems. We created a due diligence review team to conduct detailed evaluations of those alternatives and ultimately make a final recommendation. For several years before we started the due diligence process, our executive team routinely asked other credit unions about their core experience. With one exception the answers were usually, 'All core systems are the same; there are good things and bad things about them.' And the exception was credit unions automated by Episys. Symitar's credit union clients always, and I mean always, had very positive things to say about their core system and their relationship with Symitar. But we didn't stop there. We also asked our business partners and other vendors, 'Who is the best core provider to deal with?' And 100 percent of those answers were 'Symitar.' Symitar has a strong reputation for delivering quality technology and outstanding service, for effectively and efficiently serving credit unions of all sizes, and for establishing and fostering integrity-based business relationships. We are excited about our Episys decision, the significant process and efficiency improvements that system will drive, the extremely competitive short- and long-term costs to implement the system, and the tangible benefits we will realize from a true technology partnership with Symitar."
According to Ted Bilke, president of Symitar, "It is nice to celebrate the new clients we added to our roster during our 2013 fiscal year and we believe each one of them represents an important endorsement of our technology, the service levels we provide, and the fundamental way we do business. We have entered a new fiscal year strategically focused on providing the high-quality products and services that enable Symitar to aggressively and successfully compete for new customers while maintaining our rewarding levels of client satisfaction and retention."
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ: JKHY), is the leading provider of integrated computer systems for credit unions of all sizes. Symitar currently serves more than 750 credit unions as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community to mid-tier institutions with information processing solutions. Symitar® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides best-of-breed solutions that enhance the performance of domestic and international financial institutions of all asset sizes and charters using any core processing system, as well as diverse corporate entities. Additional information is available at www.jackhenry.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