Symitar Systems Inc., a San Diego-based data processing provider to the credit union industry, announced the sale of the company to Jack Henry & Associates for $44 million in cash.
Based in Monet, Mo., Jack Henry provides integrated computer systems and ATM networking products for some 2,850 banks and credit unions.
Traded on the Nasdaq, John Henry’s sales for past nine months ended March 31 were $150 million; net income was $22.9 million. Last fiscal year, the company had profits of $31.7 million on $184 million in sales.
The companies said they anticipate no layoffs from the purchase, and Symitar will continue its operations as a division of John Henry. Symitar, with about $33 million in sales last year, had 230 employees, while John Henry has a staff of about 1,500.
Symitar President Bruce Cormode, who will continue as president of the division, said the transaction will enhance the financial positions of both companies.
“This is truly a win-win proposition for us all,” he said.