Banking tech heavyweight Jack Henry acquires PFM firm Geezeo
The deal will enable Jack Henry to sell Geezeo’s financial management solutions to its core bank and credit union customers, as well as offer Geezeo’s technology to its non-core clientele working with the company’s ProfitStars division.
Terms of the acquisition were not disclosed.
“We’ve already enjoyed a long relationship with Jack Henry, so we’re thrilled by this acquisition,” says Shawn Ward, Geezeo co-founder and CEO. “We look forward to what comes next as Jack Henry continues to build best-in-class digital platforms for financial institutions.”
The two companies have been “strong business partners” for years, according to Jack Henry VP Ron Moses who praised Geezeo as a company that “takes personal financial management (PFM) to the next level” – in part by leveraging data to build better relationships between FIs and their customers.
“The result is better control for consumers and businesses over their daily and long-term finances so they can achieve greater financial confidence,” Moses says.
Jack Henry sees Geezeo as a company that has effectively evolved beyond its origins as a PFM solution provider into a “critical data partner” for banks, credit unions, financial service providers, and other fintechs. The company seamlessly integrates its technology into client digital banking platforms to help support better customer engagement, drive more effective cross-selling, and leverage data to provide deeper insights into customer preferences.
In addition to partners like Alliant, Suncoast Credit Union, and Regions, Geezeo announced last fall that Best Innovation Group would use its SDK to add PFM functionality to their Financial Innovation Voice Experience (FIVE) voice banking platform.
Also last year, Geezeo released its Responsive Tiles product that gives credit unions and banks a new way to readily incorporate PFM into mobile and online digital banking platforms.
Founded in 1976 and headquartered in Monett, Missouri, Jack Henry has a market capitalisation of $10 billion.