GLASTONBURY, Conn. – Private equity giant The Carlyle Group is soliciting offers for Open Solutions Inc., the provider of back-office services for credit unions it took private in 2007, according to Wall Street sources.
Open Solutions was acquired for $1.3 billion, including debt, by Carlyle and Providence Equity Partners, and is well-known for its offering of credit union and community solutions, including its DNA core processing and Internet banking and DNAMagic teller capture systems.
The sale is being run by Credit Suisse Group. The Wall Street Journal reported this afternoon the sale process began about a month ago and has drawn interest from technology-focused buyout firms and financial technology companies.
Washington, D.C.-based Carlyle is one of the biggest private equity firms and owns $150 billion worth of stakes in hundreds of companies, including AMC Entertainment, Dr. Pepper/Seven Up Bottling, Dunkin’ Brands, Harrah’s Entertainment, Kinder Morgan and SS&C Technologies, another credit union vendor.
Carlyle reported earlier this week its plans to sell part of the private equity firm, as much as 10%, to the public in an IPO.
