Jack Henry & Associates, a provider of integrated technology solutions and data processing services for financial institutions, has closed the acquisition of iPay Technologies, an independent electronic bill pay provider in the US.

As a result of the acquisition, which was subject to regulatory approvals and customary closing conditions, iPay Technologies became a wholly owned subsidiary of Jack Henry & Associates.

Under the terms of the agreement, Jack Henry & Associates purchased all of the equity of iPay for a purchase price of approximately $300m in cash.

Through strategic partnerships with more than 50 providers of information processing and online banking solutions, iPay’s turnkey online bill pay services, technology, and expertise are supporting more than 3,600 banks and credit unions.

Kevin Williams, CFO of Jack Henry & Associates, said: “This acquisition, which represents our largest to-date, expands our presence and potential in the growing payments industry with a highly competitive online bill pay solution that complements our existing offering and increases our transaction-based and recurring revenues.

“We expect that our combined capabilities and resources will allow us to further enhance and expand the best-of-breed products and services that iPay’s customers and partners receive today while further strengthening our electronic payments offering.”