Black Dragon's Louis Hernandez Jr. announces ASI Group fintech investment expansion to the US market

Leading cloud based financial technology wins first US financial institution contract

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Jan 28, 2019, 09:00 ET

MIAMI, Jan. 28, 2019 /PRNewswire/ -- Louis Hernandez Jr. of Black Dragon Capital, a growth-oriented private equity fund, congratulates ASI Group, one of its portfolio companies and a leading cloud based solutions provider for the financial services industry, for going live with its first client in the United States.

"ASI Group is on the cusp of a huge expansion into the United States, and it's exciting to watch the company grow under the leadership and tenacity of CEO Hernando Torres. The incredibly advanced cloud-based technology, open API approach and outstanding service, along with the leadership his team provides, make ASI Group the next big thing in the U.S. fintech market," said Hernandez, founder, managing director and CEO at Black Dragon Capital and an ASI Group board member.

Coastal Outsourced Solutions is the first financial institution in the United States to use ASI Group's global digital banking technology platform to create its own cloud platform called Coastal Collections Solutions. ASI Group's leading-edge collections software, which deploys cloud elasticity, is designed to reduce client operating costs while improving loan asset quality. As a subsidiary of First Citizens' Federal Credit Union with headquarters in Fairhaven, Mass., Coastal Outsourced Solutions has more than a half-billion dollars in assets.

"This is a historical moment for ASI Group as it marks the culmination of our strategy to expand into the U.S. market with the most advanced technology deployed in the world in order to provide financial institutions the most flexible and adaptable tools that have been lacking for decades," said Hernando Torres, president and CEO at ASI Group.

ASI Group, with U.S. headquarters in Miami Beach, Fla., has operations in 14 countries and more than 80 clients with a total of $40 billion assets processed. The company's open solutions have helped financial institutions to achieve higher customer satisfaction and increased profitability while ensuring strict compliance regulations in multiple countries. The open-architecture microservices based platform provides applications in enterprise core processing, omni-digital channels, collections, loan origination and analytics, all of which are offered on-premise as well as in the cloud through software-as-a-service (SaaS) delivery models.

"ASI Group combines the most advanced technology in the industry with proven and comprehensive solutions that allow financial institutions to navigate the digital transformation," said Raj Shivdasani, former CEO of Harland Financial Services, a Black Dragon Capital advisor, and 40-year veteran of financial technology. "ASI Group is in a unique position, particularly in its partnership with Black Dragon Capital, to deliver significant value to U.S. financial institutions that seek to successfully navigate the barrage of digital transformation."

Black Dragon Capital is a private equity fund focused on growth investments, particularly in digital commerce, financial services and media technology. Black Dragon's team of industry professionals have significant operational experience, strong financial backgrounds, proven track records of success and investment experience, ranging from startups to billion-dollar organizations in both public and private vehicles. The company leverages its network expertise and deep domain knowledge to assist in accelerating growth and profits in selected markets – all while working closely with entrepreneurs. Learn more at blackdragoncap.com.

About ASI Group
Founded in 1985, ASI Group is the most experienced company creating and implementing technological solutions for financial institutions in Latin America and the United States. For 33 years it has been an ally for the financial sector, dedicated to research, innovation and the use of technology to increase the profitability of its customers, and achieve the satisfaction of their consumers. Recognized for its competitiveness, ASI Group offers solutions for electronic banking, mobile banking, collections systems, business intelligence and regulation, international regulation, risk prevention, remittances, credit card core and an impressive core banking system, providing flexible solutions. Fulfilling its commitment to offer the highest quality standards in the service, ASI Group has continuously maintained the ISO 9001: 2008 Certification and the implementation of CMMI DEV best practices. For information, contact [email protected].

About Coastal Outsourced Solutions
Coastal Outsourced Solutions was developed to assist in providing a broad suite of support solutions for small and mid-sized financial institutions. Based in New England, our staff takes pride in the many relationships we have established in the industry and can provide true Lending Life Cycle Management to our clients' members and customers. Visit us at www.coastaloutsourcedsolutions.com

Media contact: Melissa Lichtenheld, 305-372-1234
Wragg & Casas Strategic Communications
[email protected]

SOURCE Black Dragon Capital