Open Solutions' software helps run the till for small and midsized banks and credit unions. The company's processing systems manage customer service, payroll processing, and year-end reporting. It also offers hosted software that enables banks to provide online services such as account information and management, electronic bill payment, and funds transfer. The firm also offers tools that integrate with its core systems, including applications for online procurement, business intelligence, check imaging, financial accounting, and interactive voice response. Open Solutions sells directly and via partnerships with distributors and systems integrators. The company is owned by Fiserv, which acquired it in 2013.
Change in Company Type
Financial technology provider Fiserv purchased rival Open Solutions in January 2013 for $55 million, plus the assumption of $960 million in debt. The deal will allow Fiserv to add some of Open Solutions' products and services to its portfolio, including Open Solutions' DNA platform, a real-time open technology account processing platform. Open Solutions' clients will now have access to Fiserv solutions such as its Mobiliti mobile banking and Popmoney social payments solutions. Fiserv plans to eventually add some of the features of its Acumen account processing platform to the DNA platform as well.
Open Solutions uses periodic acquisitions to expand its offerings, while divesting non-core assets. The company in 2010 bought The Weiland Financial Group, a provider of account management software for financial institutions and large companies. Open Solutions plans to continue to offer Weiland's products on a stand-alone basis as well as incorporating them into some of its other product lines. Earlier that year Open Solutions sold its Flex product line and related assets (used for lockbox and remittance processing by utility companies) to Bank Up; the deal enabled Open Solutions to focus on products and services for its core market of financial institutions.
Open Solutions is controlled by Providence Equity Partners and the Carlyle Group. – less