MONETT, Mo. and SAN DIEGO, Jun 15, 2004 /PRNewswire-FirstCall via COMTEX/ -- Symitar, Jack Henry & Associates, Inc.'s (Nasdaq: JKHY) service and software subsidiary serving the credit union industry, announced today a new partnership with Alliant Credit Union. The seventh largest credit union in the United States, with more than $4.3 billion in assets and over 170,000 members, Alliant will convert to Symitar's premier Episys in-house core processing solution during the fourth calendar quarter of 2004.
"Because Alliant operates on a national level, our business requirements are unique," said Bob Newcomb, Senior Vice President of Operations at Alliant. "One size doesn't fit all in terms of a data processing solution. After nearly a year of due diligence, it became clear that Symitar's Episys system most closely aligned with our business model and technology strategy."
The Symitar suite of products purchased will support Alliant's aggressive technology plan, which includes expansion of the credit union's imaging capabilities, eCommerce initiatives, service migration strategy, product menu, and integration with key business partners. "We plan to leverage the tight integration provided through SymConnect and other Episys features," said Newcomb. "And because Symitar allows us to customize in-house, we will no longer have to rely on data processor development. This is critical in meeting our time-to-market objective and will become even more important as our business evolves and requirements change."
Electronic services are also a key element of Alliant's business model, according to Newcomb, who noted that Alliant currently delivers 95% of its 2.5 million monthly transactions electronically. "The focus on electronic transactions is one more example of how Symitar's technology strategy is consistent with that of Alliant," added Kathy Hooker, National Sales Manager for Symitar.
"The Alliant contract is a testimony to the power of Episys and Symitar's ability to meet the needs of the nation's largest credit unions now and well into the future," said Jack Prim, President of Jack Henry & Associates. "Episys has been the most widely installed data processing solution among credit unions with assets over $25 million, since 1997. It is particularly effective in the nation's largest credit unions, as Episys is the system of choice of more of the 25 largest credit unions in the US than any other core processing system." Symitar recently announced new partnerships with $700 million Pen Air Federal Credit Union and $556 million LA Federal Credit Union, earlier this year.
About Symitar
Symitar is a wholly owned subsidiary of Jack Henry and Associates, Inc., a provider of integrated computer systems, services and ATM networking products for banks and credit unions. Founded in 1984, Symitar serves over 550 credit union clients throughout the United States and abroad. For additional corporate information, please visit http://www.symitar.com and http://www.jackhenry.com .
About Jack Henry & Associates
Jack Henry & Associates, Inc. provides integrated computer systems and processes ATM and debit card transactions for banks and credit unions. Jack Henry markets and supports its systems throughout the United States and has over 3,000 customers nationwide. For additional information on Jack Henry, visit the company's website at http://www.jackhenry.com .
Statements contained in this release, which are not historical facts, are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. There may be other factors not mentioned above that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.
Analyst Contact, Kevin D. Williams, Chief Financial Officer, or IR Contact, Jon Seegert, Director of Investor Relations, both of Jack Henry & Associates, Inc., +1-417-235-6652
http://www.jackhenry.com
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