News

Bancsource purchased by private equity firm

CapitalWorks LLC, a Cleveland, Ohio-based private equity firm, has acquired majority ownership of the Missouri-based banking technology services provider.

April 3, 2015

CapitalWorks LLC, a Cleveland, Ohio-based private equity firm, has acquired majority ownership of Bancsource Inc., a privately held banking technology services provider based in Republic, Missouri, a press release announced.

Bancsource sells and services of cash-cycle equipment such as ATMs, smart safes, scanners and more for financial institutions and retailers nationwide. According to a press release, the company is the largest ATM and branch automation reseller for Nautilus Hyosung and the largest sorter technologies reseller for NCR.

CapitalWorks Managing Partner Dick Hollington said in the release that Bancsource is well-positioned for continued growth. "We believe in the industry and the company's position as vendor-independent and client-focused," he said. 

Bancsource Chairman Tom Black and President Walt Wasyliw will remain actively involved in the company, the release said. 

Details of the transaction have not been disclosed at this time.