Global financial services technology provider Fiserv has acquired Open Solutions, a collaborative, enterprise core account processing technology firm, for $55m.
Under terms of the transaction, the acquirer assumed nearly $960m of debt and benefited from an acquired tax asset with a net present value at the time of purchase of almost $165m.
The acquisition will offer additional value for Open Solutions clients and boost Fiserv products and capabilities for financial institutions.
Commenting on the acquisition, Fiserv president and CEO Jeffery Yabuki said, "Open Solutions provides several growth opportunities, including a real-time account processing capability that serves multiple charter types, languages and currencies on a single platform."
In conjunction with the acquisition, various new technologies will be added to the company’s offerings, such as real-time open technology account processing platform DNA; CUnify and TotalPlus account processing; and Weiland Account Analysis for commercial account analysis.
DNA facilitates co-operation and technology-sharing through DNAcreator and DNAappstore to provide localized and unique customer-facing value.
Based on the agreement, Fiserv will also get Raddon Financial Group, which delivers performance consulting services.
Connecticut-based Open Solutions offers technology to banks, thrifts and credit unions and serves over 3,300 clients globally, including more than 800 account processing clients.