|
|
 |
| Open Solutions Acquires Imagic Corporation |
GLASTONBURY, Conn., December 18, 2001- Open Solutions Inc.® (OSI), a provider of enabling technologies that include relational core account processing, Internet banking and e-Commerce financial solutions for community banks and credit unions, announced that it has acquired Atlanta-based Imagic Corporation, a single-source provider of flexible image-enabled item processing software and non-image POD software and systems for community financial institutions. Under terms of the agreement, Open Solutions will acquire Imagic Corporation for an undisclosed amount of cash and stock. In addition, Imagic will become a wholly owned subsidiary of Open Solutions and operate as a separate Open Solutions business unit.
"Imagic offers a very affordable, simple to use, reliable suite of check imaging solutions designed specifically to meet the needs of the community-based financial institution," said Mike Nicastro, Open Solutions Vice President of Marketing and Business Development. "Their technology will certainly complement Open Solutions' existing product line and further augment OSI's overall integrated product suite."
Open Solutions and Imagic offer a complementary set of software solutions that provide community-based financial institutions with a distinct technological and competitive advantage. Additional benefits of the acquisition include expanded market share, additional client base, the ability to leverage technology, and access to a high growth market.
Chairman and CEO of Open Solutions, Louis Hernandez, Jr., said, "Open Solutions' mission has always been to enable the financial services market to better compete and service their clients by providing innovative technology products and services. With this product line acquisition, Open Solutions will be able to address the high demand for check imaging in the marketplace and among our current client base. On behalf of OSI, I welcome the employees and customers of Imagic Corporation to the Open Solutions family and look forward to working with them."
"Being part of the Open Solutions organization will help us to better serve our clients," said Imagic Senior Vice President of Sales, Jim Graybeal. "With OSI's resources, experience and market position we will be able to expand upon our ability to bring the most focused and innovative products and services to our client base and the community banking sector. We are pleased to join forces with an established organization that is so dedicated to serving the needs of the financial services industry."
About Imagic Corporation
Imagic Corporation is a single source provider of flexible image-enabled item processing software and non-image POD software and systems specifically designed to serve the needs of community financial institutions. The company currently has nearly 200 financial institutions located throughout the United States using one or more of their product solutions. For more information on Imagic Corporation, or Item processing solutions, contact Jim Graybeal, SVP of Sales at 303.470.7777, via fax at 303.683.7719 or email jim.graybeal@imagiccorporation.com. Visit Imagic Corporation's Internet site at www.imagicorporation.com.
About Open Solutions
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle relational database, with Internet banking, cash management, electronic commerce and lending management 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 Mickey Goldwasser at 860.652.3153, via fax at 860.652.3156, or email mgoldwasser@opensolutions.com. Visit OSI's Internet site at www.opensolutions.com.
##
|
|
|
|
