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.
, 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.