2021-2023 Beagle Financial Services, Inc. The financial terms of the transaction were not disclosed to the public. CARDWORKS, INC 401k login, 401k plan name, administrator, EIN, phone number, and address. “We are excited to explore acquisitions of companies, assets, or capabilities that expand CardWorks’ businesses and are in line with our vision for the future, particularly if we are lucky enough to find teams as talented as the Dataline team,” he stated.Īs of January 1, 2023, Dataline is now operating as a wholly-owned subsidiary of CWS. Pillemer added that this acquisition signals a shift to exploring inorganic growth opportunities at CardWorks. In turn, Dateline will be able to grow CWS’ core business with its existing and prospective clients. “In leveraging Ally’s commitment to innovation and adaptiveness, the combined company will be well positioned to meet the financial needs of our ever-growing customer base and deliver sustainable growth and performance.”Īs per Ally Financial, the deal is in line with its customer-centric strategy of offering differentiated consumer product offerings supported by a growing and low-cost deposit base.NEW YORK and FLORIDA, UNITED STATES - CardWorks Servicing, LLC (CWS), an end-to-end outsourcing support services provider for credit card and installment loan products, announced its acquisition of Business Process Outsourcing (BPO) and financial services operations support provider Dataline Systems.Īccording to CardWorks President and CEO Dan Pillemer, this transaction brings together two companies that offer “best-in-class services that are highly complementary, run on values inspired by their founders and, importantly, have similar people-centric cultures…”ĬWS will provide Dateline with a greater breadth of resources, capabilities, and operational support to take its platform to the next level of client service. The consideration is subject to closing equity and other adjustments and fill-or-kill rights, Ally Financial stated.ĬardWorks chairman, founder and CEO Don Berman said: “Ally has built an industry-leading online banking franchise while simultaneously re-affirming the market leading positions of its auto finance and insurance businesses. I’m thrilled to welcome CardWorks to the Ally team and look forward to adding value for all of our stakeholders.”Ĭonsideration for the deal includes nearly $1.35bn in cash and $1.30bn in Ally Financial’s common stock or 39.5 million shares. All of my clients and myself have been very impressed and highly satisfied with the cards. “Both companies share a deep-rooted history of disciplined risk management and an obsession over the customer. I then created my own and began offering this service to my clientele. Upon completion of the deal, Ally will be able to offer its services to an estimated 11 million consumers across all the 50 states with secured and unsecured banking products.Īlly Financial CEO Jeffrey Brown said: “CardWorks represents an industry-leading credit card platform in the U.S., and this acquisition serves as an important milestone in Ally’s evolution to be a full-service financial provider for our customers.” The additional capabilities could enhance Ally’s direct bank deposit and consumer product platform, while complementing its auto-finance, insurance and commercial product lines. Subject to customary closing conditions and regulatory approvals, the transaction could be closed in the third quarter of this year.ĬardWorks acquisition to further diversify Ally’s product offeringsīy adding an established credit card platform, full-spectrum servicing and recovery operation and a nationwide merchant acquiring business, the acquisition is expected to further diversify Ally’s product offerings. Under the terms of the agreements, Merrick Bank, a subsidiary of CardWorks, will be merged into Ally Bank. ![]() The deal is expected to provide Ally with an instant capability and scale in credit card including full-spectrum unsecured service capability and merchant services. CardWorks Servicing provides asset management, backup servicing, portfolio and operational due diligence services to capital providers and trustees. CardWorks Servicing provides comprehensive service and support to bankcard issuers in the United States and Canada. (Credit: Ally Financial Inc.)Īuto finance provider Ally Financial has agreed to acquire Cardholder Management Services (CardWorks), in a $2.65bn deal.Įstablished in 1987, CardWorks is a non-prime credit card and consumer finance company that has nearly $4.7bn in assets and $2.9bn in deposits. Not all Telephone Banking services are available 24 hours a day, 7. ![]() Image: Ally Detroit Center, Ally Financial’s headquarters. Calls from abroad are charged according to the telephone service providers published tariff. The deal is expected to expand Ally's existing product offerings by adding a core banking product
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