PADUCAH, Ky., Oct. 1 /PRNewswire-FirstCall/ -- Computer Services, Inc. (CSI) (Pink Sheets: CSVI) announced today that it has acquired Myriad Systems, Inc. (MSI), a privately held company based in Oklahoma City, Oklahoma. MSI is a leading provider of print and mail, online document delivery, and item processing solutions for financial institutions across the United States. Terms of the transaction were not disclosed.
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"The MSI acquisition will strengthen our suite of products and services for financial institutions by adding an industry-leading platform for statement and document delivery," stated Steven A. Powless, President and CEO of CSI. "MSI currently provides services to about 1,500 banks and credit unions, in addition to customers in the education, government and retailing sectors.
"We expect to leverage the MSI acquisition by expanding sales across our respective customers in the financial services industries. MSI's strength in providing print and mail services for statements, online document delivery and item processing solutions has broad applications for our banking customers. In addition, MSI adds a strong customer base of credit unions that should expand sales potential for CSI's services, including network management and regulatory compliance solutions.
"We are pleased that Shaun Riney, President of MSI, will continue to lead the MSI team following the acquisition. Shaun and his team have an excellent reputation for providing innovative technology solutions and exceptional customer service. They have grown the company at double-digit rates in each of the past four years. MSI's success has been driven by its talented staff members, who have produced a strong recurring revenue base with high customer retention rates," continued Mr. Powless.
"We expect to accelerate MSI's growth rate by expanding its customer base, sales force resources and funding for continued development. We believe the MSI acquisition highlights our focus on expanding complementary products and services to our customer base while building long-term value for CSI shareholders," concluded Mr. Powless.
About Myriad Systems, Inc.
Myriad Systems, Inc. (MSI) is a leading provider of print and mail, online document delivery, and item processing solutions for financial institutions across the United States. The company processes, prints, and mails financial statements and notices; archives statements, notices, and other types of documents for online delivery and research; and facilitates the clearing of checks between customers and their banks, as well as between banks and check exchanges.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, and regulatory compliance solutions to over 4,600 financial institutions and corporate entities. Technology planning, local account managers and world-class customer service explain why CSI has come to be known as one of the nation's premier providers of banking solutions. CSI's stock is traded on the OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements except historical statements contained herein constitute "forward-looking statements." Forward-looking statements are inherently uncertain and are based only on current expectations and assumptions that are subject to future developments that may cause results to differ materially. Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI's operations, customers, markets, services, products and prices; and (ii) other factors discussed in CSI's Information and Disclosure Statements and other documents posted from time to time on the OTCQX website, including without limitation, the description of the nature of CSI's business and its management discussion and analysis of financial condition and results of operations for reported periods. CSI undertakes no obligation to update, and is not responsible for updating, the information contained in this release beyond the publication date, whether as a result of new information or future events, or to conform the statement to actual results or changes in CSI's expectations, or otherwise or for changes made to this document by wire services or Internet services.
SOURCE Computer Services, Inc.
