MONETT, Mo. (3/6/14)--Jack Henry & Associates Inc. (JHA), a provider of technology solutions and payment processing services primarily for the financial services industry, announced that it has completed the acquisition of Banno, a Cedar-Falls, Iowa-based company that provides mobile delivery of Web and transaction marketing services.
Banno serves more than 375 financial institution customers and offers three primary services: Grip, a white-label financial aggregation application that combines mobile banking, mobile PFM and mobile bill pay in one native app; a Web solution that offers the design and development of responsive websites; and a targeted online advertising platform.
JHA and Banno initially collaborated in July when JHA's ProfitStars division partnered with Banno to sell its Grip mobile application. ProfitStars white labeled the product as Andiamo among its non-core clients who had been seeking new mobile banking alternatives. Additional operational commonalities were identified--particularly in the areas of Web design and hosting--and Banno emerged as an obvious cultural fit for JHA, the companies said.
Banno gives Jack Henry a mobile banking platform that rivals Simple, the online banking platform owned by the Spanish bank BBVA, and a website design and hosting business that fits with Jack Henry's traditional products (American Banker March 5).