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cardworks.com

Founded Year

1987

Stage

Private Equity - II | Alive

Total Raised

$11.5M

About CardWorks

CardWorks is a consumer lender, merchant acquiring bank, and loan servicer to regulated financial institutions and non-bank lenders. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing and Carson Smithfield. CardWorks Servicing is an independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. Carson Smithfield provides post-charge-off debt recovery services.On February 18, 2020, CardWorks announced it was being acquired by Ally Financial for $2.65B. However, on June 24, 2020, both parties announced that the deal had been called off.This was due in part to the structure of the deal. According to the acquisition announcement, the share number of the deal was based on Ally’s closing stock price of $32.85 on February 14, and the price was based on Ally’s forecast of closing equity and other adjustments, excluding any possible kill-or-fill adjustment. Such an adjustment was said to potentially arise if Ally’s stock price were to decline by more than 15% in which case a kill-or-fill termination right would be exercised in which Ally can elect to fill it by issuing additional stock. In this deal, it appears that Ally which saw its stock price drop post deal opted not to "fill" the deal per reports.

CardWorks Headquarter Location

101 Crossways Park West

Woodbury, New York, 11797,

United States

516-576-0404

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Research containing CardWorks

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CB Insights Intelligence Analysts have mentioned CardWorks in 3 CB Insights research briefs, most recently on Jun 25, 2020.

Latest CardWorks News

Parthenon makes additional investment in CardWorks

Feb 16, 2022

Parthenon makes additional investment in CardWorks Submitted 16/02/2022 - 9:51am Parthenon Capital has made an additional investment in CardWorks, the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield. In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors. The terms of the transaction have not been disclosed. Like this article? Sign up to our free newsletter Author Profile Related Topics Deals Intelligence

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  • When was CardWorks founded?

    CardWorks was founded in 1987.

  • Where is CardWorks's headquarters?

    CardWorks's headquarters is located at 101 Crossways Park West, Woodbury.

  • What is CardWorks's latest funding round?

    CardWorks's latest funding round is Private Equity - II.

  • How much did CardWorks raise?

    CardWorks raised a total of $11.5M.

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