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August
6 , 2002
FOR IMMEDIATE RELEASE
Open Solutions Continues Strong Performance in Second
Quarter 2002
Financial Services Provider Delivers Another Record
Quarter
GLASTONBURY, Conn., Open Solutions Inc. (OSI), a provider
of integrated enabling technologies including enterprise
core data processing, financial accounting, Internet-based
financial solutions, imaging and other delivery systems
for community banks, savings institutions and credit
unions, announced another record quarter. Open Solutions’
second quarter of 2002 revenues increased by 78 percent
over the second quarter of 2001, while year-to- date
revenues increased by 81 percent over the same period
in 2001. Contributing to this quarter’s strong
performance has been the company’s continued new
sales, diversified revenue streams, cross-selling of
additional products and services, new product offerings
and expanded services, as well as a large number of
long-term client renewals.
"Open Solutions continues to perform at record
levels in the face of a highly competitive
landscape and evolutionary changes in the overall economic
environment," said Louis
Hernandez, Jr., Open Solutions’ Chairman &
CEO. "Our team has done an excellent job of
differentiating our company and product offerings in
the marketplace and delivering superior
service, value and industry-focused solutions to our
clients. We continue to see strong overall
growth in our business and, as a whole, industry response
to our enabling product offerings and
vision of revolutionizing the financial services sector
through innovative client-focused solutions
and service continues to be impressive."
During the second quarter of 2002, Open Solutions celebrated
the company’s 10 th year
in business. According to OSI, this anniversary marked
ten years of continuous growth,
exceptional client service and providing leading edge
technology solutions with an emphasis on
the development of industry-focused products and services
that enable financial institutions to
efficiently provide better service and out pace the
competition.
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
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