Open Solutions Inc.®, the leading provider of collaborative enterprise technology to community-based financial institutions worldwide, today provided information regarding its financial performance for the fourth quarter ended December 31, 2011.
“We are very pleased with the direction of our transformation as a company over the last five years”
Open Solutions’ DNA enterprise core banking platform was created around the person, not the transaction, to provide financial institutions a greater understanding of their customers’ needs. DNA serves financial institutions globally with a single code line and the proven flexibility to be tailored to the diverse market needs of banks, credit unions and other financial services organizations operating anywhere in the world. DNA is the only platform that empowers its user community to redefine what is possible from core technology by offering the ability to collaborate and share technology to reduce costs and deploy innovative solutions more quickly.
Combined with the groundbreaking launch of DNAcreator™ and the DNAappstore™, the first and only global collaborative marketplace for core banking technology, Open Solutions’ revolutionary product suite is driving significant market and financial momentum. As a result, Open Solutions exceeded previously provided guidance in terms of growth, profitability and cash flow generation.
Sales bookings of $183 million increased 12% year-over-year with a strong contractual revenue backlog of approximately $900 million giving Open Solutions tremendous forward revenue visibility.
With this above-market bookings growth, Open Solutions’ financial momentum is accelerating as demonstrated by its fourth quarter 2011 financial results, including Quarterly Adjusted Operating Income growth of 20% as compared to 2010, and quarterly cash flow generated from operations 47% higher than 2010.
Since the DNA platform was introduced in 2008, more than 560 clients managing over $320 billion in assets have migrated to DNA, making it one of the fastest growing core banking platforms in the world. The acceptance of the DNA product suite has resulted in record levels of client satisfaction, and numerous awards from analysts and industry publications, including being the only core technology provider named to the list of “Top Ten Tech Companies to Watch in 2012” by Bank Technology News.
The DNAappstore has grown rapidly since its mid-year 2011 launch. Banks and credit unions have downloaded over 500 DNAapps from the DNAappstore, establishing this revolutionary platform as a hub for technology innovation and collaboration. The DNAappstore has logged more than 20,000 unique visits originating from countries all over the globe, and more than 30 organizations are certified DNAapp developers. Meanwhile, Open Solutions has continued to invest in the DNA core platform with “native” DNAapps, such asDNAweb™ – a fully integrated internet banking solution.
“We are very pleased with the direction of our transformation as a company over the last five years,” said Louis Hernandez, Open Solutions’ Chairman and CEO. “We have created a radically different enterprise technology platform that is being recognized as a market disruptor in the financial services technology space. We believe that has been achieved to the point that we now have the flexibility to consider a range of strategic initiatives that will further strengthen our capital structure and enable us to continue to successfully drive growth through our global collaborative network and innovative product suite.”