Private equity firm HKW has acquired John M. Floyd & Associates (JMFA), a software solutions provider to regional/community banks and credit unions.
Financial terms of the acquisition were not divulged.
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Based in Texas, JMFA offers software and consulting services to optimise overdraft programmes for regional financial institutions. With its software solutions, the company also helps the financial institutions with compliance and enables them to ramp up overdraft services.
Besides its core overdraft privilege programme, the company offers vendor contract negotiation services.
The company counts over 350 regional/community bank and credit unions as its clients. It is in line with HKW’s Business Services sector focus.
HKW lead transaction partner Luke Phenicie said: “JMFA’s talented management team has built a profitable, recession-resistant business in a market with increasing demand for its services and meaningful potential for growth.
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By GlobalData“We believe our partnership with JMFA can result in both organic and strategic growth opportunities resulting from operational improvements, increased service offerings, and expanded geographic reach.”
HKW principal Chris Eline said: “JMFA has a long track record of successfully assisting community/regional banks and credit unions with their overdraft programmes on an ongoing basis.
“This is important because overdraft programmes are difficult for these customers to manage in terms of compliance and processes.
“We look forward to helping JMFA continue to develop their software and services offering, as well as push to reach more customers throughout the US.”
