There Were Still a Few Big Tech Firm Mergers to Speak of

WEST PALM BEACH, Fla. – In years past in this last issue of the year a number of credit union data processing or Net banking mergers that occurred would be chronicled. There’s not as many these days, though there’s been a deal here and there. One of the most intriguing deals of the year was Digital Insight’s acquisition of VIFI in a $51 million deal. VIFI was one of the few remaining small credit union Net banking vendors that was actually doing well. VIFI was solely owned by Dave Becker, who created both VIFI and credit union data processor re:Member Data Services. The vitals on the two companies are shown in the boxes here. The DI/VIFI deal happened in the very beginning of the year, and the next major tech merger happened near the end. Jack Henry & Associates, traditionally a data processor for banks ranging from de novo to $5 billion, announced in late November that it would acquire CU Solutions, Inc., a DP vendor serving about 150 small CUs. The deal marks a clear interest by Jack Henry in the CU space and is its third acquisition of a credit union DP vendor -the other two being Symitar and Peerless. Jack Henry has been pleased with the success of its CU business, but was concerned that it did not have a product for small CUs. It believes that is no longer true with the addition of CU Solutions. [email protected]