Open Solutions Inc. of Glastonbury, Conn., said Friday that it had completed its twice-delayed purchase of the banking processing business of Bisys Group Inc., a financial outsourcer, for $470 million in cash.
The Bisys unit provides outsourced core processing for 220 banks. Its acquisition makes Open Solutions the No. 5 provider of core processing software and services. The unit also provides outsourced information processing to more than 100 insurance companies and corporations, and check imaging and processing services to 400 financial institutions.
The deal, announced in September, was held up because of financial restatements at Bisys unrelated to the banking business. Bisys has not filed financial reports since the fourth quarter of 2004.
