Open Solutions Makes Move into Chinese Market With Re-Seller Pact

GLASTONBURY, Conn. – A re-seller agreement with a Chinese financial services technology provider is Open Solutions Inc.’s latest move into the overseas market. Beijing-based Client Services International Inc. (CSII) will be a non-exclusive distributor of OSI’s core processing and integrated strategic products, and will customize and implement those products in its home markets. Most institutions in China are currently running legacy systems based on historical Chinese accounting systems, OSI says, and the Chinese government is helping the country’s financial institutions pay for technology upgrades to compete internationally. CSII is an established technology leader there, and is the only locally based online banking provider with its own product, the NetBank 2000 product suite. “China is one of the world’s largest markets and therefore a natural extension of our international growth strategy,” says Louis Hernandez Jr., chairman and CEO of Open Solutions. “As the global economy becomes more interconnected, China has become an important player in international business and global financial services in particular.” OSI (www.opensolutions.com) recently announced a similar deal with R Systems and its banking and finance technology provider, IndusSoft, to serve the Far East, Indian, the Middle East and Europe. The Connecticut-based company, which now has more than 4,000 total clients, also has been aggressively pursuing business expansion in Canada as well as in the United States.