OSI Purchases U.S. Services To Credit Unions
Open Solutions, Inc. said it has reached an agreement to buy the US Services to Credit Unions unit of Montreal, Canada-based CGI Group, Inc., including its CyberSuite product line. CGI's US Services to Credit Unions is a provider of core processing for approximately 180 credit unions in the United States, and also provides loan origination and web-hosting solutions for credit unions. Under the terms of the agreement, Open Solutions acquired CGI's US Services to Credit Unions business unit for approximately $24 million in cash. US Services to Credit Unions primarily serves the credit union marketplace and reported annualized revenue of approximately $16 million.
US Services to Credit Unions will become part of Open Solutions' Core Systems Group and will continue to be located and run operations from Southfield, Mich.
Separately, AllSouth FCU has selected OSI's The Complete Credit Union Solution (TCCUS), a relational core data processing platform for credit unions, to address its enterprise wide, data processing needs. The $352-million CU serves 89,000 members. AllSouth also selected Open Solutions' Asset/Liability Management and Financial Planning products, as well as the Accounts Payable and General Ledger suite, Interactive Voice Response, Consumer and Mortgage lending, Investor Reporting and the Report Wizard and Dynamic Messaging (CRM/business intelligence) applications.
In Fort Worth, Texas, OmniAmerican Credit Union said it has successfully implemented a new technology platform from Open Solutions Inc., Glastonbury, Conn. The $1.5-billion CU has 241,000 members. Seeking to "aggressively grow the credit union's lending and deposit portfolios," OmniAmerican converted 15 technology platforms and applications during the course of one weekend.
For info: www.opensolutions.com.