Investment firms Centerbridge Partners and Bridgeport Partners are buying financial technology company Computer Services Inc. for $1.6 billion.

CSI announced Acquisition this morning. His $1.6 billion price tag on the deal values ​​the company at $58 per share for him, a 53% premium to the company’s stock’s closing price on Friday.

Founded in 1965, CSI provides software products that banks use to coordinate their daily operations. CSI also offers professional services designed to help financial institutions manage their information technology infrastructure.

The company’s software portfolio includes cloud-based platforms that banks use to process customer transactions and support internal analytics initiatives. One of his CSI products, NuFund, allows banks to offer customers the option to open an account via his web-based interface. CSI’s other software products are designed to facilitate tasks such as processing loans and complying with financial regulations.

In addition to software, the company also provides IT management services. One of CSI’s focus areas is helping banks with cybersecurity. The company can help banks monitor their networks for hacking attempts, block malware, and patch internal applications when cybersecurity updates are released.

CSI’s Professional Services business also manages other IT tasks for its customers. The company helps banks manage public cloud environments, back up business records, and recover data in the event of a disaster.

Over the years, CSI has built a customer base of approximately 2,600 organizations in over 30 countries. The company works not only with banks, but also with healthcare companies and other organizations operating in regulated industries.

To continue to grow its customer base, CSI will launch new products following the completion of acquisitions by Centerbridge Partners and Bridgeport Partners. The investment firm expects to close the transaction in the fourth quarter. CSI will continue to operate under the leadership of President and Chief Executive Officer David Culbertson.

“By working together post-closing, CSI will execute a strategic plan to expand and diversify our product offering, transform technology to leverage the scale and resilience of the public cloud, and optimize through open banking and banking. We plan to roll out fintech and regtech solutions as-a-service initiatives,” said Culbertson.

CSI made $81 million in revenue last quarter, an improvement of 5.7% year-on-year. The company’s net profit he increased 2.3% to $14.7 million.

The sale of CSI follows a string of recent high-value acquisitions in the financial technology market. Last year, Goldman Sachs Group Inc. with ink $2.24 billion transaction to acquire GreenSky Inc.; Before Visa Inc. got Acquired banking software provider Tink AB for more than $2 billion.

Image: CSI