A provider of FinTech and RegTech solutions, Computer Services Inc. (CSI), announced on August 22 that two investment groups will acquire the business for $1.6 billion.
The CSI board has approved the all-cash sale of the 57-year-old company to Centerbridge Partners, L.P. and Bridgeport Partners, a move that would turn CSI into a privately held firm.
The CSI board of directors is “very thrilled to announce this transaction” and believes it is in the best interests of our shareholders, according to Steve Powless, chairman of the CSI board. ” Following the closing of the transaction, CSI anticipates continuing operations under the guidance of CEO David Culbertson and the CSI leadership group, with its planned headquarters remaining in Paducah, Kentucky.
The transaction, which would provide CSI shareholders $58 in cash for each share, is anticipated to close in the fourth quarter of 2022.
CSI, a company founded in 1965, offers corporate clients and financial institutions services like core processing, digital banking, managed cybersecurity, compliance, payments processing, print, and electronic document distribution, and regulatory compliance solutions both domestically and internationally.
The company earlier this year teamed up with the bitcoin company NYDIG to provide community banking institutions with bitcoin services.
According to a news release from the company, the new service, which is “powered by NYDIG,” enables banking users to buy, sell, and store bitcoin within CSI’s digital banking platform. Customers may now manage their digital transactions in a safe and efficient manner thanks to this.
Community banks are enthusiastic about offering bitcoin, but they also recognize the need for a secure, legal platform to keep their customers’ trust, said NYDIG Chief Innovation Officer Patrick Sells.
The CEO continued: “Through our partnership with CSI, we can help community banks satisfy the growing demand for bitcoin while upholding security and compliance and delivering a positive customer experience via the CSI digital banking platform.
