Jack Henry Expands PaaS Capabilities with Victor Technologies Acquisition
Jack Henry & Associates Inc.® has acquired Victor Technologies, Inc., a leading embedded payments solutions provider, to expand its capabilities in the rapidly growing Payments-as-a-Service (PaaS) market. The acquisition, valued at an undisclosed sum, is expected to significantly enhance Jack Henry's offerings to both fintech clients and commercial customers.
Victor Technologies, already integrated with Jack Henry's core banking systems, offers real-time payment processing and virtual ledgering functionality. This allows financial institutions to serve their clients across multiple payment types with greater control and near real-time reconciliation. The acquisition will enable Jack Henry to expand Victor's capabilities to serve its Symitar® credit union and Treasury Management platform clients.
Jack Henry President and CEO Greg Adelson stated that the acquisition advances their technology modernization strategy. The PaaS market is projected to grow from $19.1 billion in 2025 to $43.9 billion in 2029 at a compound annual growth rate (CAGR) of 23.1%, indicating a promising future for the combined entity.
With the acquisition of Victor Technologies, Jack Henry gains a cloud-native, API-first embedded payments platform that processes billions of dollars in payments monthly. This strategic move positions Jack Henry to better serve its clients in the expanding PaaS market. Victor President Maf Sonko expressed excitement about joining forces with Jack Henry to expand the reach of their integrated, embedded payments platform.
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