Glastonbury, Conn. - Open Solutions Inc., a provider of integrated, enterprisewide data processing technologies for banks and credit unions, today announced that it has completed its acquisition of the Information Services group of New Jersey-based The BISYS Group Inc., a provider of outsourced solutions to investment firms, insurance companies and banks.Open Solutions believes that this transaction will enable it to expand its product offerings, further increase its presence in the financial services marketplace and extend its client base to include the healthcare, insurance and corporate finance industries. Under terms of the completed agreement, Open Solutions purchased the Information Services group for a total cash consideration of approximately $470 million, subject to adjustment.
The Information Services group provides information processing, imaging and back-office services to banks, insurance companies and corporate clients. The group consists of banking solutions, which provides outsourced information processing for approximately 220 large and community banks (through its TotalPlus core platform offering or through Open Solutions' relational core technology TotalCS via a strategic partnership); corporate financial solutions, which provides outsourced information processing in the areas of asset retention, corporate banking, healthcare savings, and insured deposit services for more than 100 insurance companies and major corporations; and document solutions, which is one of the industry's largest providers of check imaging and Check 21 technologies, serving approximately 400 financial institutions.
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