Open Solutions Acquires IA Systems, StreamLend Solution

June 18, 2007, 1:00 a.m. EDT 1 Min Read

GLASTONBURY, Conn. - Open Solutions, Inc. has acquired Securian Financial Group and its subsidiary, IA Systems, Inc., which offers the StreamLend Velocity and StreamLend product line.

According to Open Solutions, the alliance will allow the two companies to integrate Securian's insurance related products into Open Solutions' loan origination and relationship-based core data processing systems and the distribution of Open Solutions' systems by Securian.

Securian's product suite, which is either underwritten by one of Securian's affiliates or distributed by Allied Solutions, includes credit life insurance, credit disability insurance, mortgage life insurance, mortgage disability insurance, GAP, MBP, CPI and debt cancellation, Open Solutions reported.

"Our companies have similar cultures and are dedicated to offering the financial services marketplace more products and services to meet their needs," Open Solutions Chairman and CEO Louis Hernandez Jr., said. "We share Securian's and IA Systems' view on the importance of client service and providing client-focused solutions. We believe that the very loyal client base of IA Systems, combined with our enabling technology, will result in a very strong partnership."

StreamLend Velocity will be added to Open Solutions' suite of technology solutions, the companies reported.

For info: www.opensolutions.com, www.iasystems.com. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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