Symitar Wins Key Competitive Takeaways for First Half of Fiscal Year 2015
- Trends include continued desire to outsource, conversions by credit unions of all sizes -
MONETT, Mo., Feb. 4, 2015 /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 announced today that it secured 14 competitive core system takeaways during the first half of fiscal year 2015, ended Dec. 31, 2014.
The Episys® platform accounted for 13 of the new clients and included two billion-dollar asset credit unions as well as several credit unions with assets less than $250 million. Episys continues to demonstrate its range; while it serves more than 40 percent of U.S. billion-dollar asset credit unions, it also supports the largest market share of credit unions on a single platform with assets exceeding $50 million. Symitar also added one credit union for its CruiseNet® system.
Of the 14 total new core wins, 64 percent were decisions to have Symitar perform their processing through the outsourced delivery model; these included the one CruiseNet win, three partner wins, and five credit unions opting for EASE™, the outsourced delivery solution for Episys. Symitar had an additional 14 existing clients choose to migrate their in-house system to an outsourced offering during this time period. Between EASE, CruiseNet, and partners, Symitar supports approximately 328 credit unions in an outsourced environment.
ILWU Credit Union in California will be converting to EASE. The $160 million credit union wanted to take advantage of the extensive functionality of Episys, but without the capital expenditures and employee resources necessary for in-house installations. This will be the second credit union that Ralph Ruiz, president and CEO of ILWU Credit Union, has converted to a Symitar system. He said, "We needed a core platform to help us meet future growth needs, which meant plenty of flexibility and easy access to information for decision making. And, the added disaster recovery capabilities of EASE are a bonus. Symitar is a partner that delivers a quality product as well as a quality experience, always collaborating with its clients on solutions for the future. We are confident that this change will enable our credit union to embrace its potential."
Ted Bilke, president of Symitar, said, "The previous two quarters powerfully demonstrated the wide range of credit unions that our Episys platform is suited to serve, as well as the ongoing need for a core system such as CruiseNet at the lower end of the market. As we continue to invest in our core technologies, we are appreciative of each credit union that decides to invest in us for long-term success."
About Symitar
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 multi-billion dollar 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.
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SOURCE Jack Henry & Associates, Inc.
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