(Reuters) -Jack Henry reported a 26% jump in fourth-quarter profit on Tuesday, buoyed by robust demand for its banking technology offerings.

While heavy hitters such as JPMorgan Chase have poured billions into developing their infrastructure, small- and mid-sized financial institutions turn to the likes of Jack Henry for tech modernization.

Technology is crucial for banking firms to meet the evolving needs of their account holders and to stay competitive with their larger rivals.

Monett, Missouri-based Jack Henry provides technology and payment processing services to banks and credit unions.

Analysts said the company’s narrow focus on bank tech has allowed it to maintain a competitive advantage against larger peers such as Fiserv and FIS.

“Our strong fourth-quarter sales wins for core

See Full Page