CSI to be acquired by Centerbridge and Bridgeport

CSI to be acquired by Centerbridge and Bridgeport

US-based provider of fintech and regtech solutions Computer Services has agreed to be acquired by investment firms Centerbridge Partners and Bridgeport Partners.

 

The acquisition will take place in an all-cash transaction valued at approximately USD 1.6 billion, or USD 58.00 per share and follows a robust strategic review process that was unanimously approved by CSI’s board of directors.

Closing of the transaction is subject to customary conditions, including approval by CSI’s shareholders and the receipt of regulatory approvals. Upon completion of the transaction, CSI will become a privately held company, and its common stock will no longer be listed on any public market.

US fintech and regtech solutions provider Computer Service has been acquired by investment firms Centerbridge Partners and Bridgeport Partners.

Key-focus areas for Computer Services and future strategy

CSI’s history of delivering end-to-end fintech and regtech solutions includes serving nearly 2,600 customers in the US and in 30 other countries. According to David Culbertson, CSI’s President and CEO, the company ‘intends to execute our strategic plans to expand and diversify our product offerings, transform our technology to leverage the scale and resiliency of the public cloud, and deploy optimized fintech and regtech solutions through Open Banking and Banking-as-a-Service initiatives.’

CSI delivers core processing, digital banking, managed cybersecurity, cybersecurity compliance, payments processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and corporate customers, both foreign and domestic. 

Fintechs continue attracting VC investments in the US

According to a CB Insights report cited by TechCrunch, venture capital firms invested USD 28.8 billion into fintech and crypto companies in Q1 2022, amounting to USD 1 out of every USD 5 invested. Over the course of 2021, VCs invested USD 132.5 billion into the sector — over double the amount compared to 2020 (USD 49 billion).

The Global Fintech Market Research Report 2022 issued by Industry Research, the fintech market’ s growth is driven by the omnipresence of technology and innovation in the market which is helping the financial advisors to come up with new solutions to meet customers’ financial needs. On a global scale, the fintech market size is projected to reach USD 16652.68 billion by 2028, from USD 6588.78 Billion in 2021, at a CAGR of 13.9% during 2022-2028.

Source link

Share This
COMMENTS

Leave a Reply

Your email address will not be published.