OSI Pays $9 Million in Cash for California Item Processor
GLASTONBURY, Conn. - Open Solutions Inc. has plunked down $9 million in cash for its latest acquisition, a three-site item processing operation in California. OSI (www.opensolutions.com) bought Financial Data Solutions (www.fdsinc.com) from Southwest Community Bancorp. FDSI provides Check 21-enabled imaging and item processing services to financial institutions with total assets of more than $30 billion from its three processing centers in Murrieta, El Monte and San Leandro, Calif. FDSI, which had about $6 million in revenue in 2004, will become part of OSI's Item Processing Systems business unit and will continue to be led by Fred Mirzaian, FDSI's president and chief operating officer. "Open Solutions and FDSI already shared several mutual clients and had already developed the appropriate technology interfaces. Both our companies also share a common dedication to providing quality customer service and solutions," Mirzaian said. David Krystowiak, senior vice president and general manager of Open Solutions' Strategic Solutions Group, said, "FDSI is highly recognized in the California financial services marketplace for its ability to provide highly customized image, item processing and remittance solutions along with the highest levels of customer service. "Its service offerings are a natural extension of our own electronic image/item processing product line."