Liberty, OSI Enter Deal; FiTECH Sold

Register now

Open Solutions, Inc. (OSI) has acquired the Liberty FiTECH Systems data processing subsidiary of Liberty Enterprises, along with the MANAGER GOLD product line.

At the same time, Liberty reported it is investing in Open Solutions and that the two companies have entered into an agreement to market each other's products. Terms of the deal were not released.

Liberty acquired Atlanta-based FiTECH Systems in September, 2002 as part of its diversification beyond just core check printing services. The company said that it made a commitment to its data processing customers to upgrade its current system, expand features and enhanced performance, and that in order to meet that promise it had to explore several options, including; modifying its existing core system, writing a new system and seeking a partner. As part of the latter, Liberty said it examined the core product of more than 10 data processors, including OSI.

"Partnering with Open Solutions allows us to offer our customers many new technology solutions including cash management, loan origination, business applications and account aggregation," said Liberty Enterprises CEO Stan Hollen. In a statement, Hollen added that Liberty "may" partner with other firms, as well, but declined to provide further details.

OSI Chairman Louis Hernandez, Jr., said OSI is committed to providing FiTECH customers with more products, and that the two firms have similar cultures.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER