|
May 13,
2002
FOR IMMEDIATE RELEASE
Open Solutions Announces 86% Revenue Growth in First
Quarter 2002
Financial Services Provider Continues Trend of Record
Growth
GLASTONBURY, Conn., Open Solutions Inc.(r) (OSI), a
provider of enabling technologies that include relational
core account processing,Internet-based financial solutions,
accounting and other delivery systems for community
banks and credit unions, announced record first quarter
2002 revenues which represented a significant increase
over the same period last year. For the quarter ended
March 31, 2002, revenues increased by 86 percent over
the first quarter of 2001. This follows record year
2001 revenues of $27 million.
"Open Solutions continues to exceed our performance
targets and sustain our trend for record growth in a
very competitive landscape," said Louis Hernandez,
Jr., Open Solutions Chairman & CEO. "The primary
drivers for Our growth continue to include the cross-selling
of new products to existing clients, as well continued
new service and software product sales as demonstrated
by our new client wins, contract backlog and large number
of long-term client renewals. Industry response to our
full enabling product line and vision of continually
providing client-focused solutions has been tremendous."
The Company continued to expand its technology product
offerings through New product launches and the recent
acquisition of the FTI Financial Technologies' General
Ledger and Asset Management business from HNC Software.
Open Solutions' client base now numbers over 1,500 banks
and credit unions throughout the United States. During
the first quarter of 2002, Open Solutions also hosted
its annual Client Association User Group Conference
in San Antonio, Texas and Garnered 75 percent participation.
At this client conference, Open Solutions introduced
its product enhancement schedule, showcased new product
offerings, offered educational sessions and provided
networking opportunities.
Other key events during the first quarter included
the installation and signing of several new clients,
as well as the signing of one of the largest core ASP
outsourcing contracts with New Jersey based Boiling
Springs Savings Bank with $1.1 billion in assets. In
addition to OSI's successful in-house offering, OSI's
ASP option for core processing and Internet-based solutions
has met with exceptional market acceptance and Has proven
highly popular. Open Solutions' strategic business units,
Sound Software (loan origination technologies) and iMagic
(imaging solutions), also maintained excellent sales
momentum, increased market presence and added to Open
Solutions' successful quarter. During the quarter, Open
Solutions also successfully launched its OmniView Account
Aggregation service by licensing the product to two
Open Solutions clients - Rhode Island based Pawtucket
Credit Union and People's State Bank of Wyalusing, Pennsylvania.
In the quarter, Open Solutions continued to attract
talented and experienced leaders to its senior management
team with the addition of industry veteran Carl Blandino,
former CFO at Online Resources Corporation (NASDAQ:
ORCC), as Vice President and Chief Financial Officer.
"Overall, we are pleased with our continuing momentum
and our ability to meet our strategic goals for the
year," said Hernandez. "Through the use of
technologies our clients are experiencing increased
efficiencies, flexibility and providing better customer
service. As a company, we are continuing our efforts
to transform the financial services industry by providing
the best in focused innovative technology products and
services,and are looking forward to another breakthrough
year."
About Open Solutions
Open Solutions Inc. offers a fully featured strategic
product platform thatintegrates core data processing
applications, built on a single centralized Oracle relational
database, with financial accounting, Internet banking,
cash management, electronic commerce, lending origination
and imaging solutions. OSI's full suite of products
and services allows banks and credit unions to better
compete in today's aggressive financial services marketplace,
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:
Marvin (Mickey) Goldwasser
Open Solutions Inc.
860.652.3153
mgoldwasser@opensolutions.com
www.opensolutions.com
.
|
