Cass Information Systems sells TEM business to Asignet USA Inc.

By Bobby Samwell • Tuesday, April 08 15:16 • Permanent Link

Cass Information Systems, Inc. (Nasdaq: CASS) has announced the sale of its Telecom Expense Management & Managed Mobility Services (TEM) business to Asignet USA Inc. The transaction is expected to close in the second quarter of 2025 and is subject to customary closing conditions.

Cass's President and CEO, Martin Resch, stated that the sale of the TEM business aligns with the company's strategy of focusing its capital investments on its proficiencies in financial exchange and information processing.

Asignet's CEO, Claudio Lopez Silva, expressed enthusiasm about welcoming the Cass TEM team to the Asignet family and highlighted that Cass TEM clients will benefit from best-in-class managed service, experience, and state-of-the-art solutions.

Key financial figures and metrics were not provided in the press release. Today the company's shares have moved -2.5% to a price of $39.05. Check out the company's full 8-K submission here.

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