Computer Services Inc. (CSI), an end-to-end financial technology and regulation technology (regtech) provider, was recently acquired by private equity firms Bridgeport Partners and Centerbridge Partners.
The acquisition was announced on August 22 and closed on November 9, with the shareholders' approval. After closing in an all-cash transaction valued at around $1.6 billion (a purchase price of $58 per share), CSI is now a private company and will not be listed on the OTCQX market, where it has been listed since June 2000.
Frank Martire, the Founder of Bridgeport, will become Chairman of the Board of CSI, in addition to new board members Ben Jaffe, Managing Director at Centerbridge, and Jared Hendricks, Senior Managing Director at Centerbridge.
CSI is known for core processing, digital banking, payments processing, document distribution (electronically or in print), regulatory compliance solutions for banks or corporate firms, and much more. It serves community banks such as Texas Bank, Legacy Bank, CedarStone Bank, as well as credit unions, de novo banks, and regulated industries.
President and Chief Executive Officer of CSI David Culbertson says the funds from Bridgeport and Centerbridge will support his company's efforts to enhance services and experiences. CSI seeks to deliver products that aid in money laundering prevention, cybersecurity, safe and effective payment portals, open banking or community banking, and banking-as-a-service providers.
Martire says CSI, with more than 57 years of experience as a service-first technology solutions provider, has "robust expertise in the community banking sector" and "understand[s] the great value in the work they do."
Culbertson will continue in his role, and the CSI headquarters will remain in Paducah, Kentucky, where it serves some of the 70 banks and 30 credit unions also headquartered in the city.