OSI Acquires SOSystems for $11 Million
GLASTONBURY, Conn. - Data processor Open Solutions Inc. continues its string of acquisitions in the credit union industry. The company announced last week that it will acquire credit union data processor SOSystems based in Orem, Utah for $11 million in cash. SOSystems has 120 credit union clients across the United States. SOSystems reported revenues of approximately $9 million in 2004. SOSystems will become part of Open Solutions' Core Systems Group and will continue to operate from its headquarters in Orem. SOSystems will be led by industry veteran Richard Verhaaren, SOSystems' current chief operating officer, "Like Open Solutions, SOSystems shares a common vision and commitment to providing the credit union marketplace with open, relational and innovative products and services," said Gary Daniel, Open Solutions senior vice president and general manager. This acquisition comes just a few weeks after OSI announced plans to acquire CGI's U.S. credit union core processing business. Last year OSI acquired credit union data processor RDS. Another major OSI acquisition affecting CUs came in 2003 when it acquired Liberty FiTECH.