MONETT, Mo., Sept. 18, 2014 /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 added 44 credit unions to its client roster during the 2014 fiscal year, which ended June 30. Its ongoing market expansion and industry dominance position Symitar with more than 820 credit union clients and the largest market share of credit unions with assets exceeding $50 million.
Five of the credit unions selecting the Episys® core platform during the 2014 fiscal year have assets exceeding $1 billion, positioning Symitar as the primary technology partner with 90 of the 218 credit unions that have assets of more than $1 billion.
Indiana-based Encompass Credit Union, which has approximately $165 million in assets and more than 16,000 members, is among the new Episys clients. Matt Lambert, the credit union's CEO, said, "Credit unions need a proven, sophisticated technology platform to support their growth and performance goals, to aggressively and successfully compete, to meet member expectations, and to provide contemporary financial products and services. Considering our recent growth and our strategic business and service goals, we made the decision to implement an open core system that could support our near- and long-term technology requirements. After a thorough evaluation that included most of our associates, we are confident we picked a top tier system and that Episys provides the functionality and flexibility we need to support our evolving business strategy and to differentiate our products and services in the markets we serve."
Twenty-seven of Symitar's new credit union clients elected to implement Episys in an outsourced environment. The company also continued to capitalize on the strong interest in its outsourced offerings among existing in-house clients. Nine in-house Episys clients elected to migrate to EASE™, the Episys outsourced solution, and 11 in-house CruiseNet® clients elected to migrate to outsourced delivery. Symitar now supports 100 Episys clients and 50 CruiseNet clients with its outsourced offerings.
According to Ted Bilke, president of Symitar, "It is rewarding to recognize an all-time record of credit unions added to our client roster during a single fiscal year. We believe that each credit union that evaluated Symitar and its competitive alternatives, and ultimately selected Episys or CruiseNet, represents an important endorsement of our technology, consistent service levels, expert staff, and management of client relationships. Symitar has entered a new fiscal year and our 31st year in business, and we remain focused on providing the high-quality products and services that enable us to successfully compete for new clients while maintaining rewarding levels of client satisfaction and retention."
Jack Prim, chairman and CEO of Jack Henry & Associates, added, "In addition to Symitar's sales success and growing outsourcing business, we are also celebrating the company's 30th year in business. Symitar's history includes many important milestones, and its progress and performance position the company as the industry leader among core system providers for credit unions. We believe there is no better measure of our success than our client base. Today, more than 820 credit unions are automated by Symitar's two core systems. The Episys client base, which now consists of 650 credit unions, has more than doubled since JHA acquired Symitar in 2000 and is the largest organically grown client base in the industry. This 30-year landmark is an ideal opportunity to reflect on our accomplishments, to thank our associates for their commitment to our clients and mission, and to thank our credit unions for their loyalty."
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 has been selected as the primary technology partner by more than 800 credit unions, serving 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, Inc.