Open Solutions Inc.
NASDAQ : OPEN

Open Solutions Inc.

July 14, 2005 17:47 ET

Open Solutions Inc.: Saskatchewan Canada-Based Credit Union Association Extends Agreement with Open Solutions Canada; Relationship for Banking and Related Services to Continue Until Year-End 2010

GLASTONBURY, CONNECTICUT--(CCNMatthews - July 14, 2005) - Open Solutions Inc.® (NASDAQ:OPEN), today announced that the Credit Union Electronic Account Management Services (CEAMS) Association has signed an agreement to extend its data services contract with Open Solutions Canada (formally Datawest), a strategic business unit of Open Solutions Inc., for an additional three years. Open Solutions acquired Datawest in October of 2004.

CEAMS, an association that represents 49 credit unions in the province of Saskatchewan, Canada, began acquiring data processing services for its member organizations through Open Solutions Canada in 1997. This contract extension ensures the continuation of mission-critical services to these credit unions until the end of 2010 and represents revenues of approximately $14.2 million to Open Solutions Canada over the additional three years in the agreement.

Open Solutions Canada provides outsourcing services that enable Canadian credit unions to operate on a full front- and back-end banking system platform to service their retail and commercial customers, including multiple access channels such as teller, telephone and Internet banking. Open Solutions Canada also supplies other related services including banking system enhancement and development work.

"CEAMS and the Saskatchewan credit unions it represents are very important clients and we are very pleased to extend the relationship between our two organizations," said Wayne Ginn, Open Solutions' vice president, International Operations. "We believe this contract extension further affords CEAMS and its members the opportunity to examine their business needs from a long-term perspective, and to determine what products and services will give them an advantage in an increasingly competitive marketplace. CEAMS has the option to migrate for additional fees to Open Solutions' new relational enterprise technology, if it so chooses - it's a proven platform designed to help financial institutions improve their member relations and grow their businesses. Our goal is to continue to provide the association and its member credit unions with the innovative technology they need to grow and succeed. This means ongoing enhancements and innovation in our technology solutions; continuous improvement in their delivery and product choice; and the cultivation of 'client delight'."

In signing on behalf of the association, CEAMS Manager Mark Borgares, said member credit unions expressed confidence and support in the decision to extend the agreement. He cited Open Solutions Canada's dramatic corporate turnaround, improved service delivery and promising future as a technology leader as the key drivers behind CEAMS' decision. "During the past three years, this organization has demonstrated the kind of focus and commitment required to make it a strong, viable partner in the delivery of solutions and services to the CEAMS Association, its credit unions and their members. Another benefit of Open Solutions' acquisition of Datawest is that we now have access to system options unlike any currently available in Canada. We look forward to exploring our options with respect to the advanced technology, expanded features and new system alternatives available at Open Solutions Canada."

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, Check 21, interactive voice response, payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the United States and Canada 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 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 face risks associated with our Canadian operations that could harm our financial conditions and results of operation. 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' Quarterly Report on Form 10-Q for the three months ended March 31, 2005, as filed with the Securities and Exchange Commission.

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