On Thursday, October 1, 2020 an agreement was reached for Computer Service Professionals, Inc. (CSPI) to acquire the CruiseNet(R) core solution and the core-related business operations from Jack Henry & Associates, Inc.(R). The CruiseNet platform is built on a .Net architecture and represents the next generation in core processing systems for small and mid-sized credit unions. CruiseNet offers a superior, cost-efficient operating platform designed to grow as financial institutions grow.
"This is an exciting and notable moment that will allow CSPI and our dedicated team of employees to expand market share and our product offerings within the credit union sector of the financial services industry, while remaining focused on our mission of exceeding expectations for both community banks and now, credit unions," stated Brad Epple, President and CEO of CSPI.
According to Greg Adelson, Chief Operating Officer of Jack Henry & Associates, "Based on our long-time relationship with CSPI, we believe our similar company cultures and fundamental commitment to client and associate care make CSPI an ideal fit for this transaction. Jack Henry and CSPI are fully committed to ensuring this transition will be seamless for the CruiseNet clients and their members, and that they receive the same quality of near- and long-term service they have received as Jack Henry clients. Transitioning the associates responsible for CruiseNet operations, product development and client care to CSPI provides a very important component of that seamless client experience. We would like to sincerely thank the associates joining the CSPI team for their past commitment to our company and continued service excellence to our clients. And we welcome the opportunity to continue supporting these credit unions with an array of Jack Henry complementary solutions that are fully integrated with CruiseNet."
The majority of CruiseNet associates are currently based in Charlotte, North Carolina. CSPI plans to retain all employees and continue to operate the Charlotte office. "Our CSPI leadership is excited to grow our team and plans to incorporate involvement from all levels to ensure this is a smooth transition for both our employees and our customers. We look forward to the opportunity of expanding our solutions and extending our reach to credit unions across the U.S. and beyond," stated Kurt Luebbering, Chief Operating Executive of CSPI.
The CruiseNet product will be rebranded as Aurora Advantage CU. CSPI looks forward to introducing their new customer base to the Aurora Online and Aurora Mobile CU digital banking platform in 2021.
About Computer Service Professionals, Inc. (CSPI)
As a valued software and service provider leading the FinTech industry for 32 years, CSPI continues to focus on the needs of today's progressive community banks and credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management and item processing.
We are core-agnostic and support API-first technology to create real-time integration for our Aurora Advantage digital banking product suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed.
You can learn more about CSPI and our Aurora Advantage product suite by visiting our website www.AuroraDigitalBanking.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking(R) supports banks ranging from community banks to multi-billion-dollar institutions; Symitar(R) provides industry-leading solutions to credit unions of all sizes; and ProfitStars(R) offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
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SOURCE Computer Service Professionals, Inc.