View:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 9, 2004
JACK HENRY & ASSOCIATES, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
Delaware 0-14112 43-1128385
---------------------------- ------------------------ -------------------
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
663 Highway 60, P.O. Box 807, Monett, MO 65708
--------------------------------------------------
(Address of principal executive offices)(zip code)
Registrant's telephone number, including area code: (417) 235-6652
Item 5. Other Events.
On February 9, 2004, Jack Henry & Associates, Inc. ("Jack Henry")
issued a press release (a copy of which is attached to this report)
announcing the acquisition of Yellow Hammer Software, Inc.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press release dated February 9, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 10, 2004
JACK HENRY & ASSOCIATES, INC.
(Registrant)
By: /s/ Kevin D. Williams
-------------------------
Kevin D. Williams
Chief Financial Officer
Exhibit 99.1
Company: Jack Henry & Associates, Inc. Analyst Contact: Kevin D. Williams
663 Highway 60, P.O. Box 807 Chief Financial Officer
Monett, MO 65708 (417) 235-6652
IR Contact: Jon Seegert
Director Investor Relations
(417) 235-6652
FOR IMMEDIATE RELEASE
JACK HENRY & ASSOCIATES EXPANDS OFFERINGS BY ADDING FRAUD SOLUTIONS
-------------------------------------------------------------------
JKHY TO ACQUIRE YELLOW HAMMER SOFTWARE, INC.
--------------------------------------------
Monett, MO, Gardendale, AL - February 9, 2004 -- Jack Henry & Associates,
Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions
that perform data processing for financial institutions, today announced it
has purchased Yellow Hammer Software, Inc. ("Yellow Hammer"). The terms of
the transaction were not disclosed. Yellow Hammer is a provider of a suite
of software products developed to protect financial institutions from
fraudulent activity.
Headquartered in Gardendale, Alabama, privately held Yellow Hammer is
a profitable company with experience in fraud products for financial
institutions. Yellow Hammers' flagship software solution, Fraud
Detective[TM], will be targeted to all of our financial institutions and is
available to JKHY banking customers immediately.
"We've been looking for a robust and comprehensive fraud solution that would
meet the needs of our financial institution customers," said Michael E.
Henry, Chairman and CEO of JKHY. "After researching the capabilities
currently on the market and discussing the expected benefits of this type
product with our customers, we concluded that Yellow Hammer had the right
products and services to meet these high expectations."
Yellow Hammer currently employs 10 individuals in the greater Birmingham
area. Jack Henry & Associates Inc. has an office in Birmingham where
approximately 80 employees are currently located. "We will begin
immediately to integrate the Yellow Hammer personnel into Jack Henry's
nationwide internal network. Yellow Hammer will continue to operate as a
wholly-owned subsidiary and will market products and services to both our
bank and credit union segments," said Jack Prim, President of JKHY. "We
expect to retain all of the Yellow Hammer Team, and add to the team as we
generate new sales to our existing customers."
Fraud solutions are one of the fastest growing technology applications in
today's market, providing tools to assist in reducing fraud in all areas of
checking, deposits, kiting and all methods of electronic payments. Fraud
affects every financial institution in the nation and continues to be a
growing problem. The products and services being offered by Yellow Hammer
will complement the existing technology in the core and other complementary
product offerings.
"Having worked independently with several of their customers, we share a
common customer base and the fact that several of our employees came from
JKHY, we are very familiar with the products and services. We are delighted
to be joining the Jack Henry & Associates team, whose corporate culture and
dedication to excellence mirrors our own," said Chris Renshaw, Yellow
Hammer's President. "Our employees and customers will not only continue to
receive excellent service, but also will benefit from the expanded financial
and technological resources of an industry leader."
"The superior level of product and service quality we've identified with
Yellow Hammer, coupled with the anticipated revenue growth and margins in
line with our own, warranted a premium valuation," said Kevin D. Williams,
CFO of JKHY. "We are confident that Yellow Hammer will be slightly
accretive to earnings this fiscal year and that it will continue to expand
and increase benefits to our stockholders and customers in the future."
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 web site at www.jackhenry.com.