Cleveland private equity firm CapitalWorks, LLC, announced today it has acquired majority ownership of privately-held banking technology services provider Bancsource, Inc. based in Republic, Missouri. Bancsource provides maintenance services and sales of cash cycle equipment including ATMs, smart safes, scanners and other equipment for financial institutions and retailers nationwide.
“Bancsource provides a high level of service in an industry that demands high quality,” said CapitalWorks Managing Partner Dick Hollington. “With its client-centric approach combined with industry dynamics which are opening opportunities to independent technology service providers, Bancsource is well-positioned to assist its client-partners and continue to grow.”
Details of the transaction were not disclosed but Hollington said there will be additional announcements in the future regarding the investment and about management of Bancsource.
“We plan to invest in and grow Bancsource,” he said. “We believe in the industry and the company’s position as vendor independent and client focused.”