Computer Services Inc., better known as CSI, has been at the forefront of financial technology for almost six decades. The company rose from a modest databank processing center to a data center network and developer of essential financial technologies that have gone on to worldwide adoption, ranging from mobile banking apps to software used by one of the first ATMs.
But in a sign of how drastically fortunes can change in the modern fintech market, CSI’s existence as an independent entity, however storied and successful it has been, are now over. In a remarkable $1.6 billion all-cash transaction amounting to $58 per share, CSI has been acquired by global private investment firms Centerbridge Partners and Bridgeport Partners.
Speaking on the acquisition, Founder of Bridgeport Frank Martire said in a statement: “CSI has always been known for its commitment to its customers, employees, partners, and the communities it serves — a reputation that Centerbridge and Bridgeport are committed to maintaining while we work together with [CEO] David [Culbertson] and his team to implement the company’s growth initiatives.”
The acquisition is widely seen as an indicator that technology keyed in to regulatory compliance is still highly sought after, even in a turbulent fintech market.