Open Solutions Inc.Â®, 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 Fincentricâs shareholders, is expected to close within the next 30 â 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.
âWe 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,â said Robert Nygren, Fincentric Corporationâs President and CEO. âOpen 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.â
Open Solutions intends to leverage each companyâs strengths and experience to develop additional product offerings, new technologies and applications.
âOpen Solutions and Fincentric share a common commitment to providing the financial services marketplace with open, relational and innovative products and services,â said Blair Goulet, president, Open Solutions Canada. âFincentric also shares Open Solutionsâ 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.â
âWe are very pleased to announce, today, our agreement to acquire Fincentric Corporation,â said Open Solutions Chairman and CEO, Louis Hernandez, Jr. â. 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 Fincentricâs employees and clients to the Open Solutions family.â