Open Solutions Acquires Raddon Financial Group
GLASTONBURY, Conn. -- Open Solutions Inc., which recently announced that it would be converting from a public to private company, continues to be aggressive on the acquisition front.
The firm has acquired Lombard, Ill.-based Raddon Financial Group, Inc. for $27.5 million. RFG provides CRM, research data, analysis, strategic counsel and marketing solutions to hundreds of financials, including credit unions.
RFG Senior Managers Bob Lawhead and Bob Dye will continue to lead the company. RFG founder Gary Raddon will also remain with the company.
According to Open Solutions, it shares a complementary suite of enabling technologies with RFG that provides financial institutions with technological tools to help them better compete and offer additional services in their marketplaces. Both RFG and Open Solutions have common clients and integration efforts are underway to raise those numbers, said Open Solutions.
Private equity firms The Carlyle Group and Providence Equity Partners are purchasing Open Solutions for $1.3 billion. The firms hope to take Open Solutions public again in the future as a bigger company.
Open Solutions has become very acquisitive in recent years. In 2004, it acquired interactive voice response firm MAXXAR, core processor RDS, Canadian core processor Datawest, lock box processor Omega and core bank processor East Point Technologies.
In 2005, it acquired the credit union core processing division of CGI, credit union core processor SOSystems, item processor FDSI, document management firm COWWW Software and in its biggest deal ever, the core processing/imaging division of BISYS, a deal worth $470 million.