Fincentric Corporation

Fincentric Corporation
Open Solutions Inc.

Open Solutions Inc.

April 05, 2007 13:40 ET

Open Solutions Inc. Announces Plans to Acquire Fincentric Corporation

Financial Services Provider to Further Expand its Global Market Presence

GLASTONBURY, CONNECTICUT--(CCNMatthews - April 5, 2007) - Open Solutions Inc.®, a leading provider of integrated data processing technologies for banks, credit unions and other financial service providers across the United States, Canada and other international markets, today announced it has signed a definitive agreement to acquire Canadian-based Fincentric Corporation, a leading provider of core retail banking and customer value management software to the global financial services industry. This acquisition, which is subject to final approval by Fincentric's shareholders, is expected to close within the next 30 - 45 days. Open Solutions believes this transaction will further enable it to expand its product offerings and market presence in the Canadian and global marketplaces. Fincentric will become part of Open Solutions Canada - which is headed by its President, Blair Goulet. Fincentric will continue to operate from its location just outside of Vancouver in Richmond, British Columbia.

Open Solutions and Fincentric both serve the financial services marketplace with an emphasis on providing financial institutions with a distinct technological, service and competitive advantage.

"We believe that becoming part of Open Solutions will provide Fincentric with an excellent opportunity to continue our success in providing innovative solutions to the financial services marketplace," said Robert Nygren, Fincentric Corporation's President and CEO. "Open Solutions is highly recognized in the financial services arena. They have garnered an excellent reputation in the industry and have demonstrated focused leadership in proactively meeting the technological and service needs of the industry and their clients. We are looking forward to joining and working with Open Solutions as we continue to serve the needs of the financial services industry."

Open Solutions intends to leverage each company's strengths and experience to develop additional product offerings, new technologies and applications.

"Open Solutions and Fincentric share a common commitment to providing the financial services marketplace with open, relational and innovative products and services," said Blair Goulet, president, Open Solutions Canada. "Fincentric also shares Open Solutions' outlook on the importance of client service. They bring a financial industry knowledgeable and highly-skilled employee base that will fully complement our own efforts within the industry."

"We are very pleased to announce, today, our agreement to acquire Fincentric Corporation," said Open Solutions Chairman and CEO, Louis Hernandez, Jr. "Our two organizations are dedicated to serving the ongoing needs of the financial services industry and the addition of Fincentric to our team will further enable our company to expand our market presence and reach within the financial services sector. With all our acquisitions, we seek to add key strategic organizations that allow us to meet our long-term strategic goals, complement our own organic growth, culturally fit into our organization and enable us to better serve the financial services industry. Fincentric, with a similar business and technology oriented philosophy and a desire to continually serve the needs of its clients and the marketplace, is clearly such an organization. All of us at Open Solutions are looking forward to welcoming Fincentric's employees and clients to the Open Solutions family."

About Fincentric Corporation

Fincentric Corporation provides technology and services solutions that help financial institutions automate key business processes to drive operational efficiencies, increase revenues and improve customer satisfaction. Our teams and our high-performance technologies have been supporting well over 160 financial institutions on 5 continents for more than 23 years. For more information about Fincentric, please visit

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 relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally 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.

Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2007 Open Solutions Inc. All rights reserved.

Editors Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.

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