Computer Services Inc. (CSI), a supplier of FinTech and RegTech solutions, said on August 22 that two investment companies would be buying the company for $1.6 billion.
In a move that would transform CSI into a privately owned corporation, the CSI board has authorized the all-cash sale of the 57-year-old organization to Centerbridge Partners, L.P. and Bridgeport Partners.
According to CSI board chairman Steve Powless, “after a comprehensive strategic assessment, the CSI board of directors is very happy to announce this transaction and feels it is in the best interests of our shareholders.” “After the deal is complete, CSI expects to go on business as usual under the direction of CEO David Culbertson and the CSI leadership team, with its anticipated headquarters remaining in Paducah, Kentucky.”
The acquisition would provide CSI owners $58 in cash for each share, and it is expected to be completed in the fourth quarter of 2022.
CSI, a business that was established in 1965, provides financial institutions and corporate clients with services such as core processing, digital banking, managed cybersecurity, cybersecurity compliance, payments processing, print and electronic document distribution, and regulatory compliance solutions in the United States and abroad.
The business partnered with the bitcoin firm NYDIG earlier this year to provide community banking institutions with bitcoin services.
The new service, which is “powered by NYDIG,” enables banking customers to purchase, trade, and keep bitcoin directly within CSI’s digital banking platform, the firm stated in a news release. This offers consumers a secure and effective way to handle their digital transactions.
Community banks are excited to provide bitcoin, but they also understand the need for a safe, compliant platform to maintain their clients’ confidence, according to NYDIG Chief Innovation Officer Patrick Sells.
Through our collaboration with CSI, we can assist community banks in meeting the rising demand for bitcoin while maintaining security and compliance and providing a smooth client experience via the CSI digital banking platform, the executive added.
