CardWorks Announces Acquisition of Dataline Systems to Expand Services for Lenders and Asset Managers

News provided by

Jan 03, 2023, 10:45 ET

Dataline brings unique capabilities in payment disbursement services, data reporting and analytics, and business process automation that are additive and complementary to CardWorks Servicing

WOODBURY, N.Y. and APOPKA, Fla., Jan. 3, 2023 /PRNewswire/ -- CardWorks Servicing, LLC ("CWS"), a wholly-owned subsidiary of CardWorks, Inc. ("CardWorks") and one of the largest privately-held providers of end-to-end outsourcing support services for credit card and installment loan products in North America, today announced it has successfully completed the acquisition of Dataline Systems, LLC ("Dataline"). Founded in 1986, Dataline is an Apopka, Fla.-based privately-held provider of business process outsourcing and financial services operations support. Financial terms of the transaction were not disclosed.

Dan Pillemer, President & Chief Executive Officer of CardWorks, said, "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 focused on doing the right thing while putting customers first."

Matt Berman, Head of the Servicing Business at CardWorks, added, "Dataline has unique capabilities in payment disbursement services, data reporting and analytics, and business process automation, each of which are additive to our existing CWS capabilities. As such, the acquisition will further strengthen our end-to-end credit card and installment loan portfolio management and servicing offerings for banks, credit unions, non-bank lenders, and asset managers."

Collin York, the founder of Dataline, continued, "For nearly 37 years, Dataline has partnered with financial services companies to design, develop, and implement customized business process outsourcing and financial services operations support solutions that are enabled by optimized data management. Our team could not be more excited about becoming part of the CardWorks family, where we see energy, excitement, enthusiasm, and a team that is committed to doing the right thing."

CWS will provide Dataline a greater breadth of resources, capabilities, and operational support to take their platform to an even higher level of client service. Dataline will, in turn, be able to grow its core business with existing clients, CWS clients and new clients, generating new opportunities.

Today's acquisition also signaled a strategic shift at CardWorks to explore inorganic growth opportunities. "Our experience through cycles, disciplined approach to growth, and compliance-focused culture have led to the fortunate position of having a strong balance sheet and capital levels," Pillemer said. "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."

The closing of the transaction was effective January 1, 2023. Upon closing, Dataline became a wholly-owned subsidiary of CWS.

About CardWorks Servicing, LLC and CardWorks, Inc.

CardWorks Servicing, LLC is one of the largest privately held providers of end-to-end operational servicing and support functions for credit card and installment loan products in North America. As a leading consumer firm, we service our consumer and small business loan clients across the credit spectrum, from super-prime to non-prime, and provide comprehensive support to bank and non-bank lenders in the United States. Our management expertise and customized servicing solutions enable banks and financial institutions to mitigate risk, increase profitability, and support their customers. To learn more about CardWorks Servicing, LLC, please visit www.cardworksservicing.com.

CardWorks Servicing, LLC, is a wholly owned subsidiary of CardWorks, Inc. in Woodbury, N.Y. CardWorks, Inc. is also the parent of Merrick Bank Corporation in South Jordan, Utah. Merrick Bank is a top-15 issuer of credit cards, top 15 merchant acquiring bank, and leader in the recreational vehicle lending industry. To learn more about Merrick Bank, please visit www.merrickbank.com. To learn more about CardWorks, Inc., please visit www.cardworks.com.

About Dataline Systems, LLC

Dataline Systems, LLC, which CardWorks Servicing, LLC acquired as of January 1, 2023, provides business process outsourcing and financial services operations support in a timely, accurate and cost-efficient manner. The relationships Dataline has fostered with leading financial institutions and within its team are key to what makes Dataline who it is. To learn more about Dataline, please visit https://datalinesystems.info.

SOURCE CardWorks