PADUCAH, KY., Sept. 1, 2011 – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that it has completed today the acquisition of Fort Collins, Colo.-based HEIT, a provider of cloud-based managed compliance, security and IT services and programs. The transaction was first announced on August 10, 2011. CSI purchased all of the outstanding shares of HEIT with a combination of cash and CSI stock. The acquisition makes CSI a leading provider of core banking and cloud-based technology solutions for the financial services industry.
The HEIT acquisition, which adds 400 financial institutions to CSI’s customer base, makes CSI one of the largest providers of cloud-based managed services in IT, compliance and risk for financial institutions. Cloud-based managed services enable financial institutions to access on-demand technology and IT services without the need to invest in expensive hardware and staff. Financial institutions gain 24-hour coverage of their technology’s security and compliance systems without sacrificing customer service.
“CSI has made regulatory compliance and security a key emphasis in our ongoing strategic growth initiatives,” said Steve Powless, CSI’s CEO. “HEIT’s managed compliance services will complement our product suite for financial institutions nationwide seeking cloud-based solutions for their compliance needs.”
Powless added that HEIT CEO Dan Holt joins CSI as general manager of CSI’s Managed Services Division and also brings additional executive expertise to the company. Powless explained that Holt’s entrepreneurial experience and leadership skills will also meet another facet of CSI’s growth initiatives -- to build additional strength among the executive management team.
CSI is a solutions provider to more than 5,600 customers within the financial industry, as well as other industries, delivering systems and services that meet each customer’s individual needs. CSI is an industry solutions provider delivering best-in-class product innovation and customer service resulting in high customer satisfaction and employee tenure ratings.
“CSI has built one of the largest private cloud networks in the country,” Holt said. “Their dedication to ongoing product development, world-class customer service and the financial strength and stability make me confident that our current customers will be pleased with HEIT as an integral part of the CSI family.”