Jack Henry & Associates is buying iPay Technologies for $300 million, the Missouri-based data processing and integrated technology company's largest acquisition yet, the company said.

iPay Technologies was founded 10 years ago in Elizabethton, Ky., and provides online bill pay and related services to more than 3,600 credit unions and banks, making it the largest independent bill pay provider in the country, the companies said.

Jack Henry will buy all the equity of iPay from Spectrum Equity Investors and Bain Capital Ventures for $300 million in cash at closing, the companies said, with closing expected in June.

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