Brookfield-based Fiserv Inc. has acquired Open Solutions Inc., a provider of collaborative, enterprise core account processing technology for financial institutions.
The purchase price was $55 million, and Fiserv assumed approximately $960 million of debt. In conjunction with the acquisition, Fiserv will benefit from an acquired tax asset with a net present value at the time of purchase of approximately $165 million.
Open Solutions is a Glastonbury, Conn.-based technology provider to banks, thrifts and credit unions. Through this acquisition, Fiserv will add several new technologies to its offerings, including DNA, a real-time, open technology account processing platform.
Through this acquisition, Fiserv will also add several other key solutions, including the CUnify and TotalPlus account processing platforms, Weiland Account Analysis for commercial account analysis, tools that enable the creation and sharing of client-developed functionality, and Raddon Financial Group, which offers performance consulting services.
“Open Solutions provides several growth opportunities, including a real-time account processing capability that serves multiple charter types, languages and currencies on a single platform,” said Jeffery Yabuki, president and chief executive officer of Fiserv. “Open Solutions’ strong team of associates is intently focused on client success and committed to collaborative technology, which will enhance the value we provide to our clients.”
“We are extremely proud of the innovative products Open Solutions has developed since its founding in 1992, and the strong business that we have built over the years,” said Louis Hernandez Jr., chairman and CEO of Open Solutions. “Joining Fiserv provides us with significant resources that will benefit our clients and increase market momentum. We are delighted to join Fiserv, a leader in the delivery of innovative financial services technologies.”
