The deal will see CSI become a private entity with its common stock getting de-listed from public markets. Credit: Ralph from Pixabay.

US-based financial and regulatory technology provider Computer Services (CSI) has signed an agreement to be acquired by Centerbridge Partners and Bridgeport Partners in a deal valued at approximately $1.6bn. 

The deal will see CSI become a private entity with its common stock getting de-listed from public markets.

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CSI’s board of directors has approved the transaction, which is slated to complete in the last quarter of 2022, subject to receipt of regulatory and closing conditions. 

Upon completion, CSI shareholders will receive $58 in cash for each share held and the offer price is 53% premium to CSI’s closing stock price on 19 Aug 2022.

CSI president and CEO David Culbertson said: “For more than 57 years, CSI has been known as a leader in innovation and customer service. Centerbridge and Bridgeport have deep experience in technology and financial services as owners and operators.”

CSI offers core processing, digital banking, cybersecurity compliance, regulatory compliance and payment-related solutions to financial institutions and corporate clients in the US and abroad. 

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It plans to work with Centerbridge and Bridgeport to expand and diversify its product portfolio, enhance its technology to benefit from the public cloud, and deploy optimised fintech and regtech solutions through open banking and banking-as-a-service.

In a joint statement, Centerbridge senior managing director Jared Hendricks and managing director Ben Jaffe said: “Supporting high-quality companies is central to our strategy at Centerbridge, and we have a deep track record of doing so in both financial services and technology. We are excited to work with CSI, as we share a like-minded commitment to innovation for customers and satisfaction for employees.”