CSI’s ambitious plan to nearly triple annual revenue comes just months after the $1.6 billion acquisition of the company by the investment firms Centerbridge Partners and Bridgeport Partners was completed last November. The Paducah, Kentucky-based company provides financial technology, regulatory technology and cybersecurity services to community banks across the country.

That purchase came as the payments industry and the broader fintech market prepared at the end of last year for a potential increase in dealmaking. 

Culbertson estimates CSI’s market share at about 10% in competition with larger rivals that include Fiserv, Fidelity National Information Services, or FIS, and Jack Henry & Associates.

Culbertson took the CEO post in 2021, just before the deal was consummated, and in the wake of the acquisition the new owners appointed an industry veteran, Frank Martire, as the company’s board chairman last December. Martire also holds the executive chairman post at NCR, which also provides tech services to banks as well as retailers and restaurants. Prior to taking that role at NCR, Martire held the same post at FIS from 2015 to 2017 and was also that company’s CEO from 2009 to 2015. Martire is also part of the ownership group, Culbertson said.

CSI doesn’t have any particular acquisition targets in its sights, Culbertson said, noting he’s not limiting the horizon to the U.S., but also doesn’t have any immediate plans to expand outside it. In recent months, he’s considered companies that range in size from $10 million in annual revenue to $200 million in annual revenue, he said.

“I'm looking for things that drive value for our customers and anything around digital, anything around regulatory compliance, which includes fraud, and anything around lending are all three areas that I'm interested in,” Culbertson said. 

CSI currently has about 1,300 employees, with another 125 off-shore contractors, mainly software developers. In the past, CSI has grown headcount at about 3% to 5% annually. Culbertson expects that trend will continue, but will depend on how fast CSI customer demand rises.

By Lynne Marek on May 2, 2023
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