<p>GLASTONBURY, Conn. – Open Solutions Inc. has added another core service for credit unions and community financials with the purchase of Imagic Corp., an Atlanta-based provider of item processing and imaging solutions. The deal involved cash and stock but terms weren't announced. Imagic has a client roster of about 200 financials using one or more of its suite of check-imaging solutions and non-image POD software. OSI is a core processor offering integrated solutions built on a centralized Oracle relational database that includes Internet banking, cash and lending management and electronic commerce. The two companies offer complementary services, and the acquisition will allow OSI to "address the high demand for check imaging in the marketplace and among our current client base," says Louis Hernandez Jr., the Connecticut-based company's chairman and CEO. "With OSI's resources, experience and market position, we will be able to expand our ability to bring the most focused and innovative products and services to our client base and the community banking sector," says Jim Graybeal, Imagic's senior vice president of sales.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.