KY-based CSI Secures a Strategic Investment from TA Associates (TA), a leading global private equity firm. Centerbridge Partners, L.P. (Centerbridge) and Bridgeport Partners (Bridgeport) will retain their positions as majority and minority investors, respectively.
Read also – NYC-based Health In Her HUE Secures $3M in Funding
David Culbertson, CEO and President of CSI said, “In our nearly 60-year history, we have remained uniquely focused on empowering community bankers with the most advanced technology that drives efficiency, meaningful growth and account holder loyalty, Welcoming TA to our team of strategic investors supports our goal to elevate our comprehensive suite of technologies and services and expand our capabilities with modern solutions community bankers need.”
TA’s investment comes during a momentous fiscal year for CSI, the first 10 months of which saw the company increase sales 36% year over year.
Read also – Cambridge-based Ceretype Neuromedicine Secures its Second Round of Seed Funding
CSI also announced multiple feature and function updates to its software platform, a number of strategic hires, its partnership with digital banking and treasury management fintech Dragonfly Financial Technologies, and its recent acquisition of loan origination software provider Hawthorn River.
Hythem T. El-Nazer, Managing Director for TA said, “In our year-long, in-depth review of the core banking market, CSI emerged repeatedly as the leading innovator in its market segments, It’s crucial for community banks to offer solutions that are both user-friendly and highly secure, to effectively serve their customers and keep up with the dynamism of the banking and financial services industries. CSI has devoted several decades to fostering a customer-first operating philosophy, investing in and developing a multi-tenant SaaS cloud solution, and building products that meet the specific needs of community banks. We are enthusiastic about joining forces with Centerbridge and Bridgeport to accelerate CSI’s growth and establish it as a frontrunner in the community banking technology market.”
El-Nazer and Mike Libert, Managing Director at TA, will join CSI’s board of directors alongside current board members, including Jared Hendricks, Senior Managing Director at Centerbridge, and Frank Martire, Bridgeport’s Founder.
Read also – Tenn-based Reimagine Care Secures an Investment
Hendricks said, “TA shares with Centerbridge and Bridgeport the deep conviction that CSI is in the best position to continue its growth trajectory and deliver on its mission to empower community and regional banks with technologies that enable their own growth and solve their most pressing technological challenges, We, alongside Bridgeport, look forward to partnering with TA and benefiting from their software expertise as the board works together to support CSI’s future success.”
Martire said “CSI has proven its position as a leading financial software and technology provider, The company’s momentum over the last 12 months has not only attracted other great partners like TA, but also showcases CSI’s unwavering commitment to its community banking customers. Community bankers continue to choose CSI for its second-to-none customer service and its commitment to deliver new and innovative products that enable scale.”
About CSI
As a forward-thinking software provider, Computer Services, Inc. (CSI) helps community and regional banks, as well as organizations worldwide, solve their customers’ needs through open and agile technologies.
Read also – NYC-based Sunrise AI Secures an Undisclosed Amount in Pre-Seed Funding
In addition to its nearly 60-year reputation for personalized service, CSI is shaping the future of banking by swiftly deploying advanced solutions that help its customers rival their competition.
