Open Solutions Acquires SOS Systems
Open Solutions Inc. has acquired SOSystems and the Centryx product line. SOSystems is a provider of in-house core data processing and associated support and services for approximately 120 credit unions across the United States. Under terms of the agreement, Open Solutions acquired SOSystems for approximately $11 million in cash. The company, which was founded in 1975, reported approximately $9 million in revenues during 2004.
SOSystems will become part of Open Solutions' Core Systems Group and Richard Verhaaren will remain in place. The acquisition comes on the heels of a separate acquisition by Open Solutions, which purchased US Services to Credit Union from Montreal, Canada-based CGI Group. The rest of the SOS management team will also remain in place.
As is the case with their other acquisitions, Open Solutions said it "plans to integrate and leverage each organization's strengths and experiences to further develop industry-focused enhanced product offerings, new technologies, services and applications."
For info: www.opensolutions.com.