Open Solutions Acquires SOSystems; Financial Services Provider Continu

    Business Editors

    GLASTONBURY, Conn. & OREM, Utah--(BUSINESS WIRE)--April 6, 2005--Open Solutions Inc.(R) (NASDAQ:OPEN) a provider of integrated data processing technologies for banks and credit unions throughout the United States and Canada, today announced it has signed an asset purchase agreement under which it has acquired SOSystems and the Centryx product line. SOSystems is a provider of in-house core data processing and associated support and services for approximately 120 credit unions across the United States. Under terms of the agreement, Open Solutions acquired SOSystems for approximately $11 million in cash. SOSystems will become part of Open Solutions' Core Systems Group and will continue to operate from its headquarters in Orem, Utah. SOSystems will continue to be lead by industry veteran Richard Verhaaren, SOSystems' current chief operating officer, who has more than 15 years of experience serving the credit union industry. He, and the rest of his management team, will be working closely with Open Solutions to oversee integration planning and day-to-day activities.
    Open Solutions serves the financial services marketplace of banks and credit unions in the United States and Canada with an emphasis on providing institutions with a distinct technological, service and competitive advantage. SOSystems reported revenues of approximately $9 million in 2004.
    SOSystems COO Richard Verhaaren said, "Open Solutions has earned an excellent reputation in the financial services and credit union marketplace of providing focused technology solutions along with outstanding client service. As a result of this, we are very pleased to be joining Open Solutions. They have the industry experience, resources and products to provide our clients with an even more robust suite of offerings with a dedication to client service.
    SOSystems is committed to serving our clients and providing them with open, flexible relational technology along with additional expanded features and performance. Joining the Open Solutions organization allows us to maintain this promise, offer even more choices to our clients and will enable us to leverage Open Solutions' technology, complementary product offerings, financial resources and strong market presence. We believe our clients will be served well and that our professionals will be joining a world-class organization."
    "Like Open Solutions, SOSystems shares a common vision and commitment to providing the credit union marketplace with open, relational and innovative products and services," said Gary Daniel, Open Solutions senior vice president and general manager - Credit Union Group. "SOSystems also shares Open Solutions' values regarding the importance of client service and offering focused solutions. To complement this shared vision and proactive service-focused business philosophy, SOSystems clients will now have access to even more feature-rich product choices such as Open Solutions' full suite of integrated strategic solutions including member business services, Internet banking, cash management, CRM/business intelligence, financial accounting tools, interactive voice response, loan origination, payment, Check 21 and imaging solutions."
    As is the case with their other acquisitions, Open Solutions plans to integrate and leverage each organization's strengths and experiences to further develop industry-focused enhanced product offerings, new technologies, services and applications.
    Open Solutions Chairman and CEO Louis Hernandez, Jr. said, "On behalf of all of us at Open Solutions, I am very pleased to welcome the dedicated employees and clients of SOSystems to the Open Solutions family. We are truly excited about the addition of SOSystems to our team. Our two organizations share similar entrepreneurial and solutions-oriented business philosophies, service focused corporate cultures and dedication to serving the ongoing and ever-changing needs of the financial services industry. As a result, we believe this acquisition is a natural fit into our organization. Additionally, we are confident the loyal and service-oriented client base of SOSystems will truly benefit from this new relationship with Open Solutions, as well as from the additional choices for technology, service and client-focused solutions we offer."

    About SOSystems

    Founded in 1975, SOSystems creates and sells credit union information systems designed to give credit unions member growth, retention, product and service advantages.
    System embedded intelligence operating in an OLTP environment quickly and easily personalizes member-focused products and services. This provides users with distinct competitive advantages, significant cost savings and improved ROI.
    SOSystems is member-centric data processing, member-focused and technology driven. For more information about SOSystems please visit www.so-sys.com or contact: Dennis Madson, at 801.222.0200.

    About Open Solutions Inc.

    Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, Check 21, electronic image/item processing, interactive voice response, payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
    For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com. Open Solutions Inc. (R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2005 Open Solutions Inc. All rights reserved.

    Safe Harbor Statement

    Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, we have entered into and may continue to enter into or seek to enter into business combinations and acquisitions which may be difficult to integrate, disrupt our business, dilute stockholder value or divert management attention. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Annual Report on Form 10-K for the year ended Dec. 31, 2004, as filed with the Securities and Exchange Commission on March 16, 2005.

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CONTACT: Open Solutions Inc., Glastonbury Marvin (Mickey) Goldwasser, 860/652-3153 mgoldwasser@opensolutions.com or Media Contact for Open Solutions Inc. Andrew McCaskill, 678/781-7210

KEYWORD: CONNECTICUT UTAH INDUSTRY KEYWORD: HARDWARE BANKING SOFTWARE NETWORKING MERGERS/ACQ SOURCE: Open Solutions Inc.

Copyright Business Wire 2005