S&P Global Market Intelligence | September 15, 2022
S&P Global Market Intelligence, a division of S&P Global and provider of information services and solutions to the global markets, has integrated the Onboarding Accelerator tool into its Securities Finance platform. The automated solution is designed to overcome the inefficiencies of the legacy, manual process, currently faced by borrowers and lenders when onboarding new lenders and accounts. The new tool will automate the process, allowing for improved transparency and efficiency.
"The legacy onboarding processes tends to rely on spreadsheets, emails, and phone calls with risks of human errors, miscommunication, and delays. The new automated onboarding solution will greatly enhance efficiencies and improve client experience by allowing users to exchange, view and update documents whilst monitoring the status of the process from initiation through to execution seamlessly."
-Kabin George, Global Head of Securities Finance Product Management, S&P Global Market Intelligence
The tool offers several innovative features, including improved controls and standards and advanced portfolio assessment reports that identifies potential lending revenues and asset qualities in a portfolio. The Portfolio Assessment Report (PAR), a key feature, will allow front office and business management functions to evaluate portfolios and select accounts for prioritisation. The PAR is a unique interactive product offering which places S&P Global Market Intelligence's Securities Finance data into an easily accessible format providing key information on a portfolio's composition and potential value.
At a functional level the onboarding tool will enable users to specify documentation requirements, request additional data and raise questions all within the platform, submit to multiple brokers with the ability to mask any critical account information from specific front office functions and backfill historical accounts to acquire one single source copy of all accounts.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction. S&P Global Market Intelligence is a division of S&P Global. S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today.
Fingerprints and Technical Equipment & Supplies Company | September 06, 2022
World-leading biometrics company, Fingerprint Cards AB (Fingerprints™) and leading financial and banking solution provider, Technical Equipment & Supplies Company (Tesco), are collaborating to promote and support the adoption of contactless biometric payment cards in the Middle East.
The partnership follows a strong start to the year for Fingerprints, with its biometric sensors and software platform for biometric payment cards gaining new grounds in Africa, India, and now the Middle East – a key market for the global biometrics company.
The innovative biometric payment card, initially launched by Thales, embeds Fingerprints’ second-generation T-Shape module and software platform, and will be commercialized and personalized by Tesco for the regional customers. The technology combines extensive research and development investment with key learnings from more than 20 successful market pilots and commercial rollouts. It delivers increased performance and power efficiency, enabling the most cost-effective biometric payment cards to be produced and integrated using standard manufacturing processes.
These credentials were most recently demonstrated when the solution achieved compliance with Mastercard’s new Fingerprint Sensor Evaluation Process earlier in the year.
“Tesco is a key player supporting digital financial transformation in Jordan and the Middle East, This partnership opens up new business opportunities for Fingerprints with Tesco’s loyal client base and enables us to support its mission to strengthen payment efficiency and security in the Middle East, improve the payment experience for consumers, and open up new revenue channels for banks.”
-Michel Roig, President Payment & Access at Fingerprints
George Abdel-Massih, Director of IT & Banking Solution at Tesco, added: There’s an increasing demand from Middle Eastern consumers for innovative, safe and seamless ways to pay. This has led to the rapid digitization that we’re seeing, and supporting, in the region’s banking and payments sector. By working with Thales and Fingerprints, we can tap into its leading biometric technology, expertise and solutions to enable new, exciting ways for our banking and financial customers to meet this demand.
Fingerprint Cards AB (Fingerprints) – the world’s leading biometrics company, with its roots in Sweden. We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in hundreds of millions of devices and applications, and are used billions of times every day, providing safe and convenient identification and authentication with a human touch.
About Technical Equipment & Supplies Company (Tesco)
Tesco provides high-end cost-effective IT business and banking solutions geared towards improving efficiency and overall business performance. We follow three core principles, which have guided our work ever since our inception in 1975: quality, affordability, and reliability. These continue to govern our innovative business solutions, our high-quality after-sale service and excellent technical support. At Tesco we value the importance of after sale support and have thus invested in a team of highly trained engineers, elevating us above the competition guaranteeing the total satisfaction of our clients.
Centerbridge, Computer Services, Inc. and Bridgeport | August 23, 2022
Computer Services, Inc., a leading provider of end-to-end fintech and regtech solutions, announced today it has entered into a definitive agreement to be acquired by Centerbridge Partners, L.P. (Centerbridge), a global, multi-strategy private investment firm with deep experience investing in financial services and technology, and Bridgeport Partners (Bridgeport), a private investment firm with a long-term, value-oriented approach, in an all-cash transaction valued at approximately $1.6 billion, or $58.00 per share. The transaction follows a robust strategic review process and was unanimously approved by CSI’s board of directors.
Under the terms of the agreement, CSI shareholders will receive $58.00 per share in cash upon the closing of the transaction, which is expected to occur in the fourth quarter of calendar year 2022, subject to customary closing conditions, including CSI shareholder approval and regulatory review. The per-share purchase price represents a 53% premium to CSI’s closing stock price on Aug. 19, 2022, the last full trading day before the agreement was announced, and a premium of 54.4% over CSI’s 30-day volume-weighted average share price.
“After a thorough strategic review, the CSI board of directors is very pleased to announce this transaction and believes it is in the best interests of our shareholders, Upon completion of the transaction, CSI intends to continue operating under the leadership of CEO David Culbertson and the CSI leadership team, with its headquarters expected to remain in Paducah, Kentucky.”
-Steve Powless, CSI’s Chairman of the Board
Further, in connection with the transaction, all members of the CSI board of directors and Founder and Chairman Emeritus John A. Williams have entered into a voting and support agreement to vote in favor of the transaction. Mr. Williams commented, “Having formed CSI nearly six decades ago, I am pleased to support this transaction as it will provide shareholders with immediate cash at a compelling value premium. In addition, I believe that our customers, employees and communities can rest assured that—based on their history—current management, Centerbridge and Bridgeport will continue CSI’s legacy.”
CSI’s long history of delivering end-to-end, market-leading solutions includes serving nearly 2,600 customers in the U.S. and in 30 other countries while pioneering innovative technology advancements.
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. Working together after the closing, CSI 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 our open banking and banking-as-a-service initiatives,” said David Culbertson, CSI’s President and CEO.
In working with Centerbridge and Bridgeport, CSI plans to carry on its tradition of excellence and continue to invest in its product roadmap to bring more solutions to market faster.
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, CSI has a long, distinguished history in Paducah, Kentucky, as well as other local communities across the nation. We plan to continue our commitment and investment in these communities to further foster the CSI legacy,said Jared Hendricks, Senior Managing Director at Centerbridge and Ben Jaffe, Managing Director at Centerbridge.
Centerbridge and Bridgeport bring years of experience driving growth and value for businesses across a variety of industries.
I am pleased to have this opportunity to partner with Centerbridge on the acquisition of CSI, a company that I have followed closely for decades and have respected as a real leader in financial services and technology, 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 David and his team to implement the company’s growth initiatives,said Frank Martire, Bridgeport’s Founder.
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.
Raymond James & Associates, Inc. and Moelis & Company LLC are acting as co-financial advisors to CSI, and Nelson Mullins Riley & Scarborough LLP is acting as its legal counsel. Goldman Sachs & Co. LLC and Jefferies LLC are acting as financial advisors to Centerbridge and Bridgeport. Kirkland & Ellis LLP is serving as legal counsel to Centerbridge. Aviditi Financial, LLC is serving as a capital markets advisor to Bridgeport. Weil, Gotshal and Manges LLP is serving as legal counsel to Bridgeport.
About the Proposed Transaction
A copy of the merger agreement and a presentation related to the proposed transaction will be posted on the Investor Relations section of CSI’s website at https://www.csiweb.com/who-we-are/investor-relations. The description of the merger agreement in this press release does not purport to be complete and is qualified in its entirety by reference to the full text of the merger agreement.
Computer Services, Inc. (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. Management believes exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI has also been recognized by Aite-Novarica Group, a leading industry research firm, as providing the “best user experience” in its AIM Evaluation: The Leading Providers of U.S. Core Banking Systems.
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—private equity, private credit and real estate—in an effort to develop the most attractive opportunities for our investors. The firm was founded in 2005 and, as of June 30, 2022, has approximately $34 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies.
Bridgeport Partners is a private investment firm with a long-term, value-oriented approach to investing. Bridgeport invests proprietary capital and partners with strategic sources of capital with a long-term orientation to support management teams and companies through industry and economic cycles. The firm, founded by Frank Martire, is led by seasoned operators and investors with decades of experience successfully building and leading companies in the public and private markets.