ATTUS Technologies, a provider of compliance services for banks and financial institutions, is being sold.
Trey Sullivan, the company’s founder and chief executive officer, said Tuesday that ATTUS will be acquired by Computer Services, Inc. of Paducah, Ky. Terms were not disclosed. He said the transaction should close by May 30. CSI provides a range of processing services for banks, including software for account inquiries, reconciliation, new accounts and imaging products.
In a statement, the companies said ATTUS, which is based on Sullivan’s middle name, will retain its management and operate in Charlotte as a separate subsidiary.
Computer Services is a 35-year-old public company and trades on the OTC Bulletin Board under the symbol CSVI. Its stock closed at $28.05 on Tuesday, up 5 cents.
“CSI has a long history and solid reputation for quality service in the financial industry,” Sullivan said. “CSI’s infrastrcture and expertise in the Internet arena will help us advance the use of .NET (Microsoft) technologies in our product offerings. This acquisition is truly mutually beneficial to both customer bases.”
CSI was a customer of ATTUS.
Sullivan, a serial entrepreneur, founded ATTUS to help financial institutions meet ever-increasing federal regulatory requirements. The passage of the Patriot Act following the terrorist attacks on 9-11-01 led to more regulation, and ATTUS moved to address those requirements through its WatchDog and GuardDog products.
Banks and financial institutions are under greater pressure to not only reduce money laundering but also to be on alert for individuals and organizations linked to terrorists.
Steven Powless, president and CEO of CSI, said the company made the acquisition to move “into this growing market” created in part by the Patriot Act.
ATTUS was funded in part by Charlotte Capitol Plus Partners and recently doubled its employee count to 24. It also recently opened a new headquarters.