Jack Henry Enjoys a Wide Moat and a Stable Business

Jack Henry remains committed to the idea that slow and steady wins the race. While larger peers built their leading positions through a roll-up strategy and have expanded their operations into areas outside of bank technology, Jack Henry continues to build out its competitive position organically and remains squarely focused on bank tech. We think this approach has allowed Jack Henry to develop a wide moat, and we think the company will continue to modestly outperform its larger peers.