Case Study

iPay provides bill payment software and services for credit unions and community banks.

As part of Spectrum’s deep focus on the financial technology industry, iPay was identified to benefit from the shift to electronic payments in the banking industry. The founders chose to partner with Spectrum based on the firm’s relevant industry experience, including the firm’s success with Mortgagebot, a company with similar business model and customer base.

Under Spectrum’s ownership, the company significantly grew its financial institution customer and bill pay end users. At the time of acquisition by Jack Henry & Associates, the company had become the largest independent online bill payment company, serving over 3,500 banks and credit union customers.

Senior Management and Board Recruitment

Spectrum assisted in the recruitment of Bill Ready as President & CFO, Tracey Weinberg as SVP Marketing, Jeanne Anderson as VP Product Development, and Brian Smith as an independent board member.

Product Launches

Management launched an auto-enrollment program and bill pay remittance solutions for small businesses to dramatically expand the company’s number of bill pay end-users.

Strategic Partnerships

iPay formed over 50 key reseller partnerships, including S1, First Data, and Q2 Software, adding 1,000+ financial institution customers.

Leverage Spectrum Portfolio

The company developed cross-marketing opportunities with Mortgagebot.

Revenue Growth

The company increased the number of bill pay end-users from 394,000 to over 1.6 million, leading to 41% annual revenue growth.


Jack Henry & Associates to Acquire iPay Technologies

Under the terms of the definitive agreement, Jack Henry will purchase the equity of iPay for $300 million in cash, subject to certain closing and post-closing adjustments.

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iPay Technologies Founder Dana Bowers Wins Ernst & Young Entrepreneur Of The Year

Dana Bowers, CEO iPay, was recognized as an outstanding entrepreneur who has proven herself through innovation, financial performance and personal commitment to her business and community.

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iPay Technologies Names New Senior Vice President of Internet Marketing

Tracey Weinberg will lead strategic initiatives to increase subscriber adoption and retention of online bill payment within the end user base of iPay’s financial institution customers.

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iPay Technologies Adds Payments Industry Executive to Enhance Product Delivery

With over ten years of executive sales and client relationship management, Guido Schulz is the Senior Vice President of Relationship Management to focus on iPay's inside sales efforts.

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