MONETT, Mo. (5/10/10)--Jack Henry & Associates Inc. announced Friday it had entered into a "definitive agreement" to acquire electronic bill pay provider iPay Technologies, a portfolio company of Spectrum Equity Investors and Bain Capital Ventures. Jack Henry provides integrated technology solutions and data processing services for financial institutions, including credit unions. iPay is a large independent electronic bill pay provider. Through strategic partnerships with more than 50 information processing and online banking solutions providers, iPay's turnkey online bill pay services and technology support more than 3,600 banks and credit unions. The agreement specifies that Jack Henry will purchase all equity of iPay for $300 million in cash, subject to certain closing and post-closing adjustments. iPay's retail bill payment services include person-to-person payments, account-to-account interbank transfers, electronic bill presentment, the ability to pay bills from multiple accounts, expedited payments, payment tracking, automatic text alerts and payment reminders. Its small-business bill pay suite permits users to delegate and manage payment tasks with strict entitlement controls, enforce dual account signature requirements to ensure established payment approvals, create customized electronic invoices and manage receivables. Jack Henry and iPay have been long-time business partners, and Jack Henry has used iPay's platform to process the electronic bill payments initiated by its NetTeller Bill Pay solution used by more than 1,075 credit unions and banks, said Jack Prim, CEO of Jack Henry & Associates. The acquisition is expected to be complete in June, subject to regulatory approvals and customary closing conditions.