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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): September 8, 2004
JACK HENRY & ASSOCIATES, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-14112 43-1128385
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
663 Highway 60, P.O. Box 807, Monett, MO 65708
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(Address of principal executive offices)(zip code)
Registrant's telephone number, including area code: (417) 235-6652
Item 8.01 Other Events.
On September 8, 2004, Jack Henry & Associates, Inc. ("Jack Henry")
issued a press release (a copy of which is attached to this report)
announcing the acquisition of Banc Insurance Services.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
99.1 Press release dated September 8, 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: September 8, 2004
JACK HENRY & ASSOCIATES, INC.
(Registrant)
By: /s/ Kevin D. Williams
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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 ACQUIRES BANC INSURANCE SERVICES
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MONETT, MO - September 8, 2004 - Jack Henry & Associates, Inc. (Nasdaq:
JKHY), a leading provider of integrated computer systems and ATM/debit card
transaction processing, announced today its acquisition of Massachusetts-
based Banc Insurance Service, Inc. (BIS), a leading provider of turnkey
insurance agency solutions for financial institutions. Terms of the
transaction were not disclosed.
BIS was founded in 1999, and currently supports the insurance distribution
strategies of more than 15 financial institutions nationwide. Through a
cost-effective outsourcing service, BIS allows banks and credit unions to
own a complete insurance agency solution without the significant capital
investments required to build or buy an agency, or the inherent operational
risks. Financial institutions leverage BIS's proven, end-to-end insurance
agency solution to offer a full range of high-demand personal and commercial
lines of insurance provided by many of the industry's leading carriers. The
turnkey insurance distribution solution also includes sales professionals
and proven sales strategies; complete back-office services, including
billing and claims processing; and ongoing access to insurance industry
experts.
Kevin Williams, CFO of Jack Henry & Associates, said, "BIS will enable our
bank and credit union clients to take advantage of the regulatory changes
that allow them to generate additional fee income through insurance product
sales without adding more brick and mortar, more infrastructure, more
employees, more systems, or more technology. We literally create a de novo
agency for our clients and assume full responsibility for policy sales and
service. Our clients own their customer relationships, the insurance
policies sold, and the ongoing renewals. And the insurance carriers assume
the underwriting risk and full responsibility for the policy benefits. This
single-source, completely outsourced distribution solution will enable our
clients to provide their retail and commercial customers with competitive
insurance products and unmatched convenience." Williams also stated that
this acquisition is expected to be slightly accretive this fiscal year.
According to Jeffrey Chesky, president of BIS, "The biggest barriers
impacting financial institutions' success in the insurance industry are cost
and culture. Our turnkey outsourcing solution eliminates both of these
barriers by allowing banks and credit unions to leverage the resources and
capabilities of a proven, fully operational, fully outsourced insurance
agency. We welcome the opportunity to continue designing, implementing, and
managing successful insurance distribution solutions for diverse financial
institutions, including Jack Henry's growing client base."
Jack Prim, CEO of Jack Henry & Associates, said, "The acquisition of BIS
fundamentally supports our strategy to provide our bank and credit union
clients with seamless access to the high-demand financial products and
services that directly support their growth strategies. This proven, cost-
effective insurance distribution solution will enable our clients to expand
their product and service offering, enhance their market presence and
potential, and generate significant new cross-sale and non-interest income
opportunities. We are excited about the opportunity to strategically expand
our offering with another competitively distinct, market-driven business
solution."
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 5,900 customers nationwide. For additional information on Jack Henry,
visit the company's web site 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.
(thirty)