Total System Services (NYSE:TSS)(TSS - $128.27 – NYSE) is a leading processor of credit and debit card transactions for both banks and merchants. TSS has been a long-time holding within the Keeley dividend funds as it was originally owned in the Keeley Small Cap Dividend Value Fund when it launched in late-2009. Through growth in electronic payments, marketshare gains, and strategic acquisitions, the company grew substantially. These efforts are being capped off (or more accurately continued under a different banner) through its acquisition for stock by Global Payments (GPN – NYSE). We are kind of sorry to see this one go.
From Keeley Asset Management Corp (Trades, Portfolio)'s Keeley Mid Cap Fund second-quarter 2019 shareholder letter.
