Open Solutions Buys FDS
|
Open Solutions Acquires Financial Data Solutions, Inc.; Provider of Financial Services Solutions Adds to Item Processing Offerings GLASTONBURY, Conn.--(BUSINESS WIRE)--June 7, 2005--Open Solutions Inc. (NASDAQ: OPEN), a provider of integrated data processing technologies for banks and credit unions throughout the United States and Canada, today announced it has signed an asset purchase agreement under which it has acquired California-based Financial Data Solutions, Inc. (FDSI) from Southwest Community Bancorp (OTCBB: SWCB). FDSI, a wholly-owned subsidiary of Southwest Community Bancorp, provides image and remittance item processing, and image statement and rendering services. Under the terms of the agreement, Open Solutions will acquire FDSI, which in 2004 had revenues of approximately $6 million and was profitable, for approximately $9 million in cash. FDSI will become part of Open Solutions' Item Processing Systems business unit reporting into the company's Strategic Solutions Group. FDSI will continue to be lead by industry veteran Fred Mirzaian, FDSI's current president/chief operating officer, who has more than 15 years of experience serving the item processing needs of the financial services industry. He and his team will be working closely with Open Solutions to oversee integration planning and ongoing operations. "FDSI is highly recognized in the California financial services marketplace for its ability to provide highly-customized image, item processing and remittance solutions along with the highest levels of customer service," said David Krystowiak, senior vice president and general manager of Open Solutions' Strategic Solutions Group. "Its service offerings are a natural extension of our own electronic image/item processing product line. Open Solutions is committed to providing the types of innovative industry-focused software solutions that help our clients use technology to service their markets more effectively and efficiently." FDSI provides efficient and secure outsourcing solutions in four key business areas - Image Item Processing, Image Remittance Processing, Image Statement Rendering and Document Imaging. FDSI serves approximately 80 California-based Image Item/Remittance Processing customers and is Check 21 and image exchanged enabled. FDSI General Manager Fred Mirzaian commented, "Prior to this acquisition, Open Solutions and FDSI had already shared several mutual clients and had already developed the appropriate technology interfaces. Both our companies share a common dedication to providing quality customer service and solutions. FDSI's client support, product development and the company as a whole will benefit from the additional resources that Open Solutions as a larger, well established, technology and service focused company can provide. We look forward to continuing to serve the item processing needs of our clients and the financial services industry." Chairman and CEO of Open Solutions, Louis Hernandez, Jr. said, "Open Solutions continually strives to enhance and broaden our existing suite of products and services. Our ongoing strategy is to continually augment and round out our offerings through acquisitions of complementary business lines that we believe add value to our company, clients and the industry in general. FDSI is truly such a company and with this product line acquisition, each organization will be able to integrate and leverage each others strengths and experiences to better serve the electronic image, Check 21 and item processing needs of the financial services market. On behalf of the entire Open Solutions team, I am pleased to welcome the dedicated employees and clients of FDSI to the Open Solutions family." About Financial Data Solutions, Inc. FDSI provides state-of-the-art technology services to financial institutions throughout California. The company offers a full suite of technology solutions including image and remittance item processing, and image statement printing and rendering services. Currently, FDSI provides services to financial institutions with total aggregate assets in excess of $30 billion from its three processing centers in Murrieta, El Monte and San Leandro, California. For additional information, visit the company's Web site at www.fdsinc.com. About Open Solutions Inc. Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, electronic image/item processing, Check 21, interactive voice response, payment and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com. Open Solutions Inc.(R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Safe Harbor Statement Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2005, as filed with the Securities and Exchange Commission.
|
Similar Areas Mergers and Acquisitions Items Selected Books Keywords
|