14.37%QQQQ 35.13 12.16%XLF 16.18 7.15%
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MONETT, Mo. - Jack Henry & Associates Inc., which sells computer systems to financial institutions, said Tuesday it is divesting its insurance agency outsourcing business to the division's management team and a private equity group.
The financial terms of the deal were not disclosed. Other details, such as the names of the managers who are serving as buyers in the transaction, were also not disclosed.
The outsourcing business, called Banc Insurance Services Inc., will become a private company and will be re-branded as Insuritas Inc. Its founder and Chief Executive Jeffrey Chesky will continue to serve as CEO.
Jack Henry said the business did not generate the financial performance it expected.
Jack Henry shares rose 42 cents to close at $22.06, after hitting a 12-month low of $21.54 earlier.
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