LAS VEGAS–(BUSINESS WIRE)–Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) today announced that it has committed to invest $84 million in Computer Services, Inc. (CSI) (OTCQX: CSVI), a leading provider of end-to-end fintech and regtech solutions, in conjunction with additional investments agreed by a consortium of private investors.
On August 22, 2022, CSI announced that it had entered into a definitive agreement to be acquired by Centerbridge Partners, LP, a global multi-strategy private investment firm with extensive financial services investing experience. and technology, and Bridgeport Partners, a privately-held investment company with a long-term, value-driven approach, in an all-cash transaction valued at approximately $1.6 billion, or $58.00 $ per share. The transaction follows a rigorous strategic review process and has been unanimously approved by CSI’s Board of Directors.
About Cannes Holdings, Inc.
We primarily acquire interests in operating companies and are engaged in the active management and operation of a core group of such companies. We are a long-term owner who secures the control and governance rights of other companies primarily to engage in their lines of business and we have no predefined time constraints dictating when we sell or divest our activities. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of these companies for our shareholders. Cannae’s current major holdings include Dun & Bradstreet Holdings, Inc. (NYSE: DNB), in which Cannae owns 79 million shares or an 18% stake. Cannae’s second largest holding is Ceridian (NYSE: CDAY), in which Cannae owns 6 million shares representing a 4% stake. Cannae owns 60 million shares, or 8% of Paysafe (NYSE: PSFE), as well as 8.1 million Paysafe warrants and LLC units. Cannae also owns 52.5 million shares, or 10%, of Alight, Inc. (NYSE: ALIT) and 27 million shares, or 24%, of System1, Inc. (NYSE: SST). Cannae’s other major holdings include Sightline Payments, of which Cannae owns 33%.
Computer Services, Inc. (CSI) provides core processing, digital banking, managed cybersecurity, cybersecurity compliance, payment processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and to corporate clients, both foreign and domestic. Management believes that exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in top industry rankings such as IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI was also recognized by Aite-Novarica Group, a leading industry research firm, as providing the “Best User Experience” in its AIM rating: The Leading Providers of Core Banking Systems in the United States. For more information, visit csiweb.com.
Forward-looking statements and risk factors
This document contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future, are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by management and information currently available to it. Because these statements are based on expectations of future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: changes in general economic, business and political conditions, changes in financial markets and changes in conditions resulting from the outbreak of a pandemic, such as as the novel COVID-19 (“COVID-19”); the overall impact of the COVID-19 outbreak and measures to curb its spread, including the effect of governmental or voluntary mitigation measures such as business closures, social distancing and restraining orders home ; our potential inability to find suitable acquisition candidates, acquisitions in industries that will not necessarily be limited to our traditional areas of focus or difficulties in integrating acquisitions; the significant competition that our operating subsidiaries face; compliance with extensive government regulations of our operating subsidiaries; risks associated with our spin-off from Fidelity National Financial, Inc., including limitations on our strategic and operational flexibility related to the tax-exempt nature of the spin-off and the Investment Company Act of 1940; risks and uncertainties related to the success of our outsourcing.
This document should be read in conjunction with the risks detailed in the “Statement Regarding Forward-Looking Information”, “Risk Factors” and other sections of the company’s Form 10-Q, 10-K and other documents filed with the Securities and Exchange Commission.