Computer Services, Inc., a provider of payments processing and regulatory compliance services, will be acquired by two private equity firms. CSI CEO David Culbertson said that the transaction will allow the company to expand and broaden its product offerings.
It's not a household name. It has been around since 1965, when it began operating a databank processing center in Madisonville, Kentucky. In the 1980's, CSI built a network of data centers, began selling its first PC software, and developed an online ATM system. CSI launched a mobile banking solution and products related to business intelligence and enterprise risk management.
CSI claims to have over 1,100 employees around the world.
CSI has been a leader in innovation and customer service for more than five decades. Culbertson said that Centerbridge and Bridgeport have experience in technology and financial services.
If the deal is approved by shareholders and regulators in the fourth quarter of 2022, it will net CSI shareholders a 53% premium over their closing stock price. The plan to take the company private was unanimously approved by the board of directors.
Frank Martire said in a statement that he was pleased to have the opportunity to partner with Centerbridge on the acquisition of CSI. While we work together with David and his team to implement the company's growth initiatives, we are committed to maintaining CSI's reputation for its commitment to its customers, employees, partners and the communities it serves.
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