Investment firms buy Computer Services Inc. for $1.6 billion

CSI is an end-to-end fintech and regtech solutions provider.

Private investment firms Centerbridge Partners and Bridgeport Partners have acquired Computer Services Inc. (CSI), an end-to-end financial and regulatory (regtech) technology solutions provider. The cost is $1.6 billion, or $58 per share. CSI’s Board of Directors unanimously approved the deal.

The deal is expected to be finalized in the fourth quarter of 2022.

Steve Powless from CSI

Steve Powless is the Chairman of the Board of CSI.

“After careful strategic review, the CSI Board of Directors is very pleased to announce this transaction and believes it is in the best interests of our shareholders,” Powless said. “After the transaction is complete, CSI intends to continue to operate under the leadership of CEO David Culbertson and the CSI management team.”

Headquartered in Paducah, Ky., CSI has a long history of providing end-to-end solutions. It serves nearly 2,600 customers in the United States and 30 other countries.

David Culbertson of CSI

David Culbertson of CSI

David Culbertson is President and CEO of CSI.

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“For more than 57 years, CSI has been recognized as a leader in innovation and customer service. Center bridge and Bridgeport have deep experience in technology and financial services as owners and operators. By working together post-closing, CSI intends to execute on our strategic plans to expand and diversify our product offerings. »

Product roadmap

The company plans to transform its technology to take advantage of the scale and resilience of the public cloud. CSI wants to leverage fintech and regtech solutions through open banking and banking as a service initiatives.

By working with Centerbridge and Bridgeport, CSI plans to bring more solutions to market faster.

Centerbridge's Jared Hendricks

Centerbridge’s Jared Hendricks

Jared Hendricks is Senior Managing Director at Centerbridge. Ben Jaffe is Managing Director.

“Supporting high quality businesses is central to our strategy at Centerbridge. We have a long history in this field, both in financial services and in technology. We are excited to work with CSI as we share a similar commitment to customer innovation and employee satisfaction,” said Hendricks and Jeffe. “CSI has a long and distinguished history in Paducah, Ky., as well as in other local communities across the country. We plan to continue our engagement and investments in these communities to further foster CSI’s legacy.

Centerbridge and Bridgeport bring years of experience delivering growth and value to businesses in a variety of industries.

Frank Martire is the founder of Bridgeport.

“I am delighted to have this opportunity to partner with Centerbridge on the acquisition of CSI. It’s a company I’ve followed closely for decades and respected as a true leader in financial services and technology. CSI has always been recognized for its commitment to its customers, employees, partners and the communities it serves. It’s a reputation that Centerbridge and Bridgeport are committed to upholding as we work with David and his team to implement the company’s growth initiatives.