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Tech Industry

Short Take: Jack Henry to buy Peerless Group

Jack Henry & Associates, a vendor of software and hardware for financial institutions, announced it was acquiring Peerless Group for about $36 million in stock, or $7.25 per Peerless outstanding share. Peerless, also a supplier to the financial sector, generated profits of $1.9 million on revenues of $30.1 million in 1997. Jack Henry reported record revenues of $113 million and earnings of $22 million for its fiscal year ended June 30.

Jack Henry & Associates, a vendor of software and hardware for financial institutions, announced it was acquiring Peerless Group for about $36 million in stock, or $7.25 per Peerless outstanding share. Peerless, also a supplier to the financial sector, generated profits of $1.9 million on revenues of $30.1 million in 1997. Jack Henry reported record revenues of $113 million and earnings of $22 million for its fiscal year ended June 30.