As announced at the time of the deal, CSI has been delisted from the OTCQX stock market and has become a privately held company
CSI completes 1.6bn deal with Centerbridge and Bridgeport. (Credit: Ralph from Pixabay)
Centerbridge Partners and Bridgeport Partners have completed their previously announced $1.6bn acquisition of Computer Services (CSI), a fintech, regtech, and cybersecurity solutions firm.
As per the terms of the deal announced in August 2022, shareholders of CSI were offered an amount of $58 in cash per share by the two private investment firms.
Following the transaction, CSI has been delisted from the OTCQX stock market in New York and has become a privately held company.
The US-based firm provides digital banking, core processing, managed cybersecurity, and other software solutions to financial institutions and corporate entities globally.
The acquisition by Centerbridge and Bridgeport is expected to enable CSI to advance critical developments in its public cloud technologies. The technology company also aims to expedite speed-to-market and boost the scalability of its solutions.
CSI president and CEO David Culbertson said: “As a private company, our goal is to grow organically and expand our product portfolio to best serve the financial services industry.
“We believe Centerbridge and Bridgeport will support our goals for innovation and share in our commitment to employee satisfaction, community engagement and customer service.”
Centerbridge and Bridgeport are expected to help CSI to increase its investment in research and development, forge complementary product partnerships, and undertake strategic acquisitions.
CSI will continue to deploy solutions for account origination, small-to-medium businesses and treasury management, fraud and anti-money laundering, managed services and cybersecurity, Banking-as-a-Service, real-time payments, open banking, and others.
Bridgeport founder Frank Martire said: “I have followed CSI’s trajectory for years and am confident its robust expertise in the community banking sector makes it primed to deliver expanded resources that will help its customers not only remain competitive, but truly grow.
“Like Bridgeport, CSI employees care deeply about and understand the great value in the work they do and what they can deliver to CSI customers over the next decade.”