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Computer Services Inc.'s multi-million dollar cash deal for Heit, a managed services provider, will expand the core banking vendor's geographic reach and allow it to cross-sell to a wider group of community banks.
August 10
Computer Services Inc. said Thursday that it completed its acquisition of Heit Inc.
CSI, of Paducah, Ky., purchased all of the outstanding shares of Heit with a combination of cash and stock. CSI did not disclose the price of the deal, which it announced Aug. 10.
Heit, of Fort Collins, Colo., provides cloud-based managed compliance, security and technology services.
The acquisition adds 400 financial institutions to CSI's customer base and extends its ability to provide core banking and cloud-based technology. CSI has more than 5,600 customers.
Heit's chief executive, Dan Holt, joined CSI as general manager of the company's managed services division.
CSI has acquired five other companies in the telecommunications, remote printing and managed services sectors in the past 10 years. Most recently, CSI reportedly paid $3.5 million for a 49% stake in telecommunications and Internet services provider Heartland Communications Internet Services Inc. in 2005. It increased its stake to 63% a year later.
