Acquisitions Fuel OpenSolutions
GLASTONBURY, Ct. - (07/28/05) -- A half-dozen corporate acquisitionshelped Open Solutions Inc. double its revenues for the secondquarter to $47.1 million, and helped push earnings higher. Secondquarter earnings were up to $3.8 million, or 18 cents a share, from$3.1 million, or 16 cents a share, for the same period last year.The increase in revenues and earnings was caused by deals sincelast July to acquire re: Member Data Service, Omega Systems ofNorth America, Datawest Solutions, CGI's US credit unionoperations, SOSystems and Financial Data Solutions. As a result,net income for the first six months rose 11% to $6.8 million, or 32cents a share, while revenues more than doubled to $84.8 million,compared to the first half last year. In the second quarter OpenSolutions completed the acquisition of SOSystems and Financial DataSolutions.