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ST. LOUIS - Cass Information Systems, Inc. (NASDAQ:CASS), a provider of integrated information and payment management solutions, has announced an agreement to sell its Telecom Expense Management & Managed Mobility Services (TEM) business to Asignet USA Inc., a company specializing in IT expense management through hyper-automation.
Martin Resch, President and CEO of Cass, stated that the divestiture aligns with the company's focus on financial exchange and information processing, and is expected to benefit customers due to Asignet's investment in the sector. Resch also emphasized the positive outcome for employees transitioning to Asignet. The company's strong financial foundation is evidenced by its impressive 23-year streak of consecutive dividend increases, as reported by InvestingPro.
Claudio Lopez Silva, CEO of Asignet, expressed enthusiasm for the acquisition, highlighting the enhanced service and solutions that Cass TEM clients can anticipate as part of the Asignet portfolio.
The transaction is pending standard closing conditions and is anticipated to be finalized in the second quarter of 2025. Financial details of the agreement were not disclosed.
Cass Information Systems, with a history dating back to 1906, manages over $90 billion in annual client disbursements and boasts total assets of $2.4 billion. Its banking subsidiary, Cass Commercial Bank, provides specialized financial exchange services.
Asignet is known for its innovative IT Expense Management platform, which utilizes Robotic Process Automation (RPA) and Low-Code Artificial Intelligence. The company manages $8 billion in IT spending worldwide and with this acquisition, cements its position among the leading TEM providers.
The combination of Asignet's technological prowess, which includes 3,800+ invoice parsers and 11 global patents, with Cass's industry knowledge, is expected to deliver increased efficiency and intelligence for Asignet's client base.
This news is based on a press release statement from Cass Information Systems, Inc. InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available to subscribers, including 6 key ProTips and comprehensive financial analysis tools.
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