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Jack Henry & Associates
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Jack Henry and Associates, also known as Jack Henry is an American company founded in 1976 and devoted to financial technology and payment processing services, mostly for community banks and credit unions.[2] They assist regional banks and credit unions to control risk, make regulatory filings and add or improve their online banking services.[3] Jack Henry stock trades on the NASDAQ exchange under the symbol JKHY, and is also part of the S&P 400 for mid-size American companies.
Key Information
History
[edit]Jack Henry was formed in 1976 by Jack Henry and Jerry Hall in Monett, Missouri. The company was incorporated in 1977.[4]
On November 20, 1985, an initial public offering made Jack Henry a public company on the NASDAQ exchange under the symbol JKHY. In its first year of incorporation, the company generated $115,222 in revenue. In 2012, Jack Henry announced $1 billion in annual revenue.[5]
As of 2021, the company had more than 6,800 employees in more than 20 states and was recognized by Forbes as one of America’s "Best Large Employers" for the fourth time.[6]
Finance
[edit]The key financial trends for Jack Henry & Associates, Inc. are as follows, based on fiscal years ending December 31:[7]
| Year | Revenue (USD million) |
Gross Profit (USD million) |
Net Income (USD million) |
|---|---|---|---|
| 1994 | 38.4 | 17.9 | 6.3 |
| 2000 | 225.3 | 113.6 | 34.0 |
| 2006 | 592.2 | 256.4 | 89.9 |
| 2010 | 836.6 | 345.1 | 117.8 |
| 2014 | 1210 | 518.6 | 201.1 |
| 2018 | 1540 | 662.9 | 376.6 |
| 2020 | 1700 | 688.6 | 296.6 |
| 2024 | 2220 | 916.1 | 381.8 |
In February 2025, the company reported a 6.4% rise in second-quarter net income (to $97.8 million, or $1.34 per share) as services and support revenue increased 3.5% and processing revenue climbed 7.3%.[8]
References
[edit]- ^ "SEC: Jack Henry & Associates, Inc. Reports Full-Year Fiscal 2022 Results" (PDF).
- ^ "Jack Henry and Associates Inc: Overview". www.globaldata.com. Retrieved 2023-12-09.
- ^ "Meet Jack Henry: The Genius Behind Smart Banks". www.forbes.com. Retrieved 2023-12-09.
- ^ "History". www.jackhenry.com. Retrieved 2018-07-09.
- ^ "Jack Henry & Associates - NASDAQOMX".
- ^ "Jack Henry and Associates recognized by Forbes as one of America's Best Large Employers for the fourth time". www.cuinsight.com. March 2021. Retrieved 2023-12-09.
- ^ "Jack Henry & Associates Financial Overview". Smartfin. Retrieved 4 August 2025.
- ^ "Fintech firm Jack Henry's quarterly profit rises over 6%". Reuters. 4 February 2025. Retrieved 4 August 2025.
External links
[edit]- Business data for Jack Henry & Associates, Inc.:
Jack Henry & Associates
View on Grokipediafrom Grokipedia
History
Founding and early development
Jack Henry & Associates was founded on June 2, 1976, in Monett, Missouri, by Jack Henry and Jerry Hall, who established the company as a provider of in-house data processing systems tailored for small financial institutions.[7] The initial business plan, which emphasized delivering affordable technology solutions to community banks in rural and underserved areas, was famously sketched on the back of a napkin during a meeting in a local coffee shop.[8] This grassroots approach reflected the founders' understanding of the challenges faced by smaller banks, which often lacked access to advanced computing resources available to larger institutions. The company was formally incorporated in Missouri in 1977, marking the start of its structured operations, with first-year revenue reaching $115,222.[9] From its inception, Jack Henry & Associates concentrated on developing core information processing solutions, including custom software for essential banking operations such as account management, transaction processing, and reporting.[10] These early systems were built around midrange computers like the IBM System/36, enabling community banks to automate routine tasks efficiently and cost-effectively without relying on expensive mainframes.[10] By the mid-1990s, the company had experienced steady growth, expanding to approximately 350 employees and achieving annual sales of $46.12 million in fiscal year 1995.[10] This period solidified its reputation as a reliable partner for rural and community-focused financial institutions, laying the groundwork for broader adoption of its processing technologies through the late 1980s.Expansion and public listing
Following its initial growth in the mid-1980s, Jack Henry & Associates pursued an initial public offering (IPO) to fuel further expansion. On November 20, 1985, the company went public on the NASDAQ exchange under the ticker symbol JKHY, marking a pivotal step in accessing capital markets for scaling operations and product development.[11] This listing enabled the firm to invest in proprietary technologies and market penetration, transitioning from a regional software provider to a national player in financial institution processing solutions. In the early 1990s, Jack Henry accelerated its expansion through strategic acquisitions and internal development of core banking systems. A key milestone was the January 1992 acquisition of the banking software contracts from Bankers Own Software Systems (BOSS), which represented the company's first major foray into consolidating bank software portfolios and broadened its contract base in the sector. Concurrently, the company focused on building proprietary platforms, including the SilverLake system—designed for larger community banks with scalable processing capabilities—and the CIF 20/20 system, tailored for mid-sized institutions emphasizing customer information file management and integrated operations. These systems, developed primarily in the late 1980s and refined through the 1990s, became cornerstones of Jack Henry's offerings, supporting real-time transaction handling and compliance needs for banks.[10] The late 1990s and early 2000s saw Jack Henry diversify into the credit union sector, enhancing its market reach. In June 2000, the company acquired Symitar Systems, Inc., for $44 million, integrating Symitar as a wholly owned division and gaining entry into credit union core processing.[12] This move added Symitar's Episys platform, a robust core solution for larger credit unions, and the Jackpot platform, which supported operational efficiency for smaller institutions.[13] By fiscal year 2000, these efforts drove revenues to $225.3 million—a 16% increase from the prior year—and expanded the customer base to over 2,850 financial institutions nationwide, reflecting robust growth in both banking and credit union segments.[14]Modern growth and milestones
In fiscal year 2012, Jack Henry & Associates achieved a significant milestone by surpassing $1 billion in annual revenue for the first time, reaching $1.03 billion, an increase from $966.9 million the previous year. This growth was primarily driven by expansions in electronic payment services and emerging digital offerings, which contributed to strong organic revenue increases in transaction processing and related support services.[15] During the 2010s, the company launched the Banno digital banking platform in 2015, introducing a fully integrated solution designed to enhance customer digital experiences through seamless mobile and online banking capabilities. Banno, which originated from an earlier collaboration in 2013, has since integrated cloud-native technologies, enabling scalable, API-driven innovations that support modern financial services ecosystems. This shift facilitated faster development and deployment of digital tools, aligning with broader industry demands for agile, cloud-based infrastructures.[16][17] As of June 30, 2025, Jack Henry & Associates had approximately 7,240 employees, reflecting sustained expansion amid increasing demand for financial technology solutions.[3] In 2021, the company was recognized on Forbes' America's Best Large Employers list for the fourth time, highlighting its commitment to employee satisfaction and workplace culture.[18] In 2025, it was additionally named one of America's Most Trusted Companies by Forbes and ranked as a Best Company to Work For by U.S. News & World Report.[5][19] The release of the 2025 Sustainability Report underscored Jack Henry's priorities in responsible AI adoption, corporate philanthropy, and environmental stewardship, including training programs for ethical AI use and community investment initiatives.[20] Strategically, the company has emphasized open banking ecosystems through extensive API integrations and partnerships, enabling third-party access to secure data and services for enhanced innovation. Additionally, Jack Henry has supported digital currencies by partnering with NYDIG in 2022 to provide Bitcoin custody and trading services to financial institutions, positioning it to address evolving payment landscapes.[21][22]Corporate affairs
Leadership and governance
Jack Henry & Associates is led by an executive team focused on driving innovation in financial technology solutions for community banks and credit unions. The current leadership structure emphasizes strategic oversight of operations, financial management, and technological advancement, with key executives bringing decades of industry experience. Gregory R. Adelson serves as President and Chief Executive Officer, a position he has held since July 1, 2024, while also being appointed to the Board of Directors on August 22, 2025.[23] Adelson joined the company in 2011 and oversees all business lines, technology, infrastructure, and sales, drawing on more than 25 years of experience in financial services.[24] Mimi Carsley is the Chief Financial Officer and Treasurer, having joined in 2022 to manage the company's financial operations and strategies, supported by over 30 years in the financial industry.[24] Shanon G. McLachlan acts as Senior Vice President and Chief Operating Officer, focusing on business lines, infrastructure, strategic objectives, and technology modernization, with more than 30 years of experience in banking and credit unions.[24] Craig K. Morgan has been General Counsel and Secretary since 2016, after joining the company in 2004, and handles legal matters as well as technology-related issues, backed by over 20 years of relevant expertise.[24] Renee A. Swearingen, Senior Vice President, Chief Accounting Officer, and Assistant Treasurer, joined in 1996 and leads accounting, finance, and procurement functions, with more than 25 years in those areas.[24] The Board of Directors expanded to 10 members in 2025, reflecting ongoing governance evolution.[23] David B. Foss stepped down as Executive Chair on June 30, 2025, but continues to serve as Board Chair.[25] The company's founders, Jack Henry and Jerry Hall, established its foundational principles in financial technology, influencing its enduring commitment to serving community financial institutions despite their passing in 2007 and 2013, respectively.[26]Financial performance
Jack Henry & Associates operates on a fiscal year that ends June 30.[27] The company's revenue reached $1.94 billion for the fiscal year ended June 30, 2022, reflecting an 11% increase from the prior year driven by growth across core processing, payments, and complementary segments.[27] By fiscal year 2024, revenue had grown to $2.22 billion, a 7.2% rise year-over-year, supported by steady demand in financial technology services.[28] For fiscal year 2025, revenue reached $2.38 billion, a 7.2% increase from fiscal 2024.[29] Net income followed a similar upward trajectory, amounting to $362 million in fiscal 2022, increasing to $381.8 million in fiscal 2024 (a 5.5% gain), and $456 million in fiscal 2025 (a 19.4% gain from 2024), attributable to improved operating margins and segment performance.[27][28][29] In the second quarter of fiscal 2025, net income was $97.8 million, marking a 6.4% increase from the same period in the prior year.[30] As of June 30, 2025, total assets stood at $3.04 billion, underscoring the company's expanding operational scale amid investments in technology infrastructure.[3] Total stockholders' equity was $2.13 billion as of June 30, 2025, reflecting strong retained earnings and shareholder returns.[3] On the stock market, Jack Henry & Associates achieved an all-time high closing price of $212.62 on August 9, 2022, and is included in the S&P 500 index.[31][32] Key growth drivers from fiscal 2022 to 2025 include annual revenue increases of 6-7% in the payments and digital segments, fueled by rising transaction volumes, adoption of cloud-based solutions, and demand for innovative fintech offerings.[28] Acquisitions such as Victor Technologies in October 2025 have further supported revenue expansion by enhancing payments-as-a-service capabilities.[33]| Fiscal Year | Revenue ($B) | Net Income ($M) |
|---|---|---|
| 2022 (ended June 30) | 1.94 | 362 |
| 2024 (ended June 30) | 2.22 | 381.8 |
| 2025 (ended June 30) | 2.38 | 456 |