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Centerbridge and Bridgeport complete $1.6bn CSI acquisition

Private equity firms Centerbridge Partners and Bridgeport Partners, have completed their acquisition of Computer Services, Inc, a provider of end-to-end fintech and regtech solutions, for $1.6 billion.

Private equity firms Centerbridge Partners (Centerbridge) and Bridgeport Partners (Bridgeport), have completed their acquisition of Computer Services, Inc (CSI), a provider of end-to-end fintech and regtech solutions, for $1.6 billion.

The acquisition, which was previously announced on 22 August, 2022, closed in an all-cash transaction with a purchase price of $58.00 per share. CSI’s shareholders approved the transaction on 9 November, 2022, and the company is now a private entity. Its stock is no longer be listed on the OTCQX market.

Centerbridge and Bridgeport say the acquisition will allow CSI to advance its technologies for the public cloud, accelerate speed-to-market and increase the scalability of its solutions. It will also supports the advancement of CSI’s mission to become a leading provider of regtech and fintech resources through expanded investment in research and development, complementary product partnerships and strategic acquisitions.

Enhancing products and experiences for CSI’s customers will remain the newly private company’s top priority, as well as deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed services and cybersecurity, real-time payments, open banking, Banking-as-a-Service and more.

Centerbridge and Bridgeport bring years of experience driving growth and value for businesses across a variety of industries, including community banking.

Frank Martire, Founder of Bridgeport will serve as Chairman of the Board, joining current board members, Steve Powless and Culbertson. Additions to the Board will also include Jared Hendricks, Senior Managing Director at Centerbridge, and Ben Jaffe, Managing Director at Centerbridge.

Raymond James & Associates, Inc and Moelis & Company acted as co-financial advisors to CSI, and Nelson Mullins Riley & Scarborough LLP acted as its legal counsel. Goldman Sachs Group, LP and Jefferies Group LLC acted as financial advisors to Centerbridge and Bridgeport. Kirkland & Ellis LLP served as legal counsel to Centerbridge. Aviditi Financial, LLC served as a capital markets advisor to Bridgeport. Weil, Gotshal & Manges LLP served as legal counsel to Bridgeport.

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