Jack Henry offloads Alogent product line to Battery Ventures
US-based banking software vendor, Jack Henry & Associates, is shedding its deposit automation business, Goldleaf Enterprise Payments (formerly Alogent Corporation). The buyer is Battery Ventures, a US/Israeli venture capital and private equity firm.
The company is regaining is former name – Alogent.
Alogent’s back office software focuses on electronically capturing, processing and analysing cheque data and images, including those captured on mobile devices.
Its customers range from small community banks and start-ups to top tier banks, and it is the latter segment that will be the company’s key focus with the arrival of Battery Ventures.
The acquisition is also brining new management to Alogent. Dede Wakefield, (former CFO of GT Nexus, a cloud-based supply-chain specialist), will become Alogent’s CEO. Battery’s general partner Russell Fleischer and VP Jordan Welu will join Alogent’s board.
“We are very excited about the growth opportunities of spinning out Alogent into a standalone company, including exploring potential add-on acquisitions,” says Fleischer.
Who bought who
Goldleaf Financial Solutions bought Alogent Corporation in 2008 for $42.5 million.
Jack Henry acquired Goldleaf in 2009 for $17 million and assumed Glodleaf’s debt of $42 million.
Until now, the Alogent product line has been residing in the portfolio of ProfitStars, a division of Jack Henry.
Once the acquisition by Battery Ventures is completed, Alogent will operate as a standalone company.