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Its DNAappstore is the first online marketplace to enable collaboration and innovation among financial services firms.
November 30 -
Shareholders of the Glastonbury, Conn., core processing software vendor Open Solutions Inc. gave their approval for its acquisition by two private-equity firms.
January 23
The private-equity owners of Open Solutions Inc., a provider of software and IT services to financial institutions, have put the company up for sale and a deal could fetch more than $1 billion, people familiar with the matter said.
Carlyle Group and Providence Equity Partners took Open Solutions private for $1.3 billion, including debt, in early 2007. Credit Suisse Group (CS, CSGN.VX) is running the sale process, which began about a month ago and has drawn interest from technology-focused buyout firms and financial technology companies, the people said. Initial bids valued Open Solutions at more than $1 billion, including debt, although the company is expected to fetch less than $1.3 billion, they added.
When Carlyle and Providence bought the company, the buyout firms said they would expand Open's business by investing in research and development, customer services and acquisitions. However, the investment hasn't lived up to expectations, and the firms may not make money off the deal, according to the people.
Based in Glastonbury, Conn., Open Solutions provides banks, thrifts, credit unions and other financial-services companies with data-processing tools.
