Open Solutions Inc. of Glastonbury, Conn., said it hopes its deal to acquire the Canadian vendor Fincentric Corp. will help it expand its core processing offerings and grow faster abroad.
Fincentric, of Richmond, British Columbia, has about 160 financial company customers, most of them Canadian credit unions, using its core processing software and other products.
Mike Nicastro, Open Solutions' senior vice president of marketing, would not say how much his company would pay. He did say that Fincentric's products include wealth management and investment banking technologies that his company could sell to existing financial clients to broaden their offerings to customers.
"We see this as a global issue," Mr. Nicastro said. "Financial institutions, in order to compete, have to be able to provide these kinds of services on a regular basis, not just as a sideline."
The purchase also is expected to boost Open Solutions' international capabilities, Mr. Nicastro said. Fincentric has clients on five continents.
The deal is the first for Open Solutions since it was acquired in January by the private equity companies Carlyle Group and Providence Equity Partners Inc. for $1.3 billion. Mr. Nicastro said that the "deeper pockets" of those investors would let his company accelerate its growth by acquisition. The deal was announced last week and expected to close in the next 30 to 45 days.