BROOKFIELD, Wis. Fiserv has acquired Open Solutions Inc., the provider of back-office credit union and bank systems taken private in 2007 by The Carlyle Group.
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 credit unions and banks. Through this acquisition, Fiserv will add several new technologies to its offerings, including DNA, a real-time, open technology account processing platform; as well as 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 serves more than 3,300 clients worldwide, including more than 800 account processing clients. These clients can benefit from the broad array of add-on solutions offered by Fiserv, such as its CheckFree RXP electronic bill payment service, ACCEL/Exchangepayments network, debit processing services, Popmoney social payments service, Corillian Online banking, Mobiliti mobile banking, and a variety of other products and services that can create opportunities for financial institutions to grow and prosper.
“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 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.”