Jack Henry & Associates, a technology solutions and payment processing services provider, has agreed to acquire Ensenta, a California-based provider of real-time, cloud-based solutions for mobile and online payments and deposits.
Founded in 2001, Ensenta supports over 1,100 financial institutions and government agencies with patented technologies across ATM, mobile, online desktop, merchant, and branch channels.
Once the takeover concludes, Jack Henry & Associates and Ensenta will together support about 2,300 financial institutions with consumer remote deposit capture services.
Jack Henry & Associates said Ensenta’s payment technologies will lessen risk, minimise compliance exposure, boost back office efficiencies, and enhances funds availability for consumers and businesses.
Additionally, Ensenta’s risk management tools will help improve risk mitigation and compliance for the mobile remote deposit clients and partners served by Jack Henry & Associates’ Enterprise Payment Solutions group.
Jack Henry & Associates president and CEO David Foss said: “This acquisition positions Jack Henry & Associates as the largest provider of consumer remote deposit solutions in the industry while significantly expanding the payment options we can offer to small businesses.
“Additionally, through this acquisition we will more than double the number of credit unions served by our Enterprise Payment Solutions group, opening up new relationships and cross-selling opportunities in the credit union market.”
The deal is expected to complete in December 2017 following the receipt of regulatory approvals and other customary closing conditions.