KEEP UP WITH ATM AND DIGITAL BANKING NEWS AND TRENDS "As such, the acquisition will further strengthen our end-to-end credit card and installment loan portfolio management and servicing offerings for banks, credit unions, non-bank lenders, and asset managers." CardWorks will offer its resources and operational support to Dataline, which will in turn grow its business with clients in both companies. "Dataline has unique capabilities in payment disbursement services, data reporting and analytics, and business process automation, each of which are additive to our existing CWS capabilities," Matt Berman, head of servicing business at CardWorks, said in the release.
In this deal, it appears that Ally which saw its stock price drop post deal opted not to "fill" the deal per reports.ĬardWorks Servicing LLC, an outsourcing support services for credit cards and installment loan products, has acquired Dataline Systems LLC, a business process outsourcing and financial services operations support company, according to a press release. Such an adjustment was said to potentially arise if Ally’s stock price were to decline by more than 15% in which case a kill-or-fill termination right would be exercised in which Ally can elect to fill it by issuing additional stock. According to the acquisition announcement, the share number of the deal was based on Ally’s closing stock price of $32.85 on February 14, and the price was based on Ally’s forecast of closing equity and other adjustments, excluding any possible kill-or-fill adjustment. This was due in part to the structure of the deal. However, on June 24, 2020, both parties announced that the deal had been called off.
On February 18, 2020, CardWorks announced it was being acquired by Ally Financial for $2.65B. Carson Smithfield provides post-charge-off debt recovery services. CardWorks Servicing is an independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. Cardworks is a privately held company with 4.7 billion in assets and 2.9 billion in deposits 1. (NYSE: ALLY) announced today that it has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately 2.65 billion. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing and Carson Smithfield. 18, 2020 / PRNewswire / - Ally Financial Inc. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.CardWorks is a consumer lender, merchant acquiring bank, and loan servicer to regulated financial institutions and non-bank lenders. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Merrick Bank is also a top-15 credit card merchant acquirer, clearing over $40 billion in transaction volume per year for more than 80,000 merchants and 40 independent sales organizations. Merrick Bank also provides installment finance options to consumers through marine and recreational vehicle dealers throughout the country, as well as personal installment loans through digital channels. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. CardWorks provides lending and merchant acquiring services through Merrick Bank. today announced that Chairman & CEO Donald Berman was named a finalist in the Ernst & Young Entrepreneur Of The Year® 2012 program in. Erica Bermans Phone Number and Email Last Update. WOODBURY, N.Y., /PRNewswire/ - CardWorks, Inc. Previously, Erica was a Founder at Jane Layne Events and also hel d positions at 4PM Events. Erica Berman is a Global Brand Manager at CardWorks based in Woodbury, New York. Carson Smithfield, LLC provides post-charge-off debt recovery services. Senior VP, Culture & Corporate Social Responsibility at CardWorks. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the premier independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. Founded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring.
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