GLASTONBURY, Conn. — Open Solutions Inc., which returned to a private structure last year, continues its acquisitive ways. Its latest purchase is IA Systems, a well-known lending software provider serving credit unions.

IA Systems, previously a subsidiary of insurance firm Securian Financial Group, is located in Albany, N.Y. It has approximately 100 credit union clients. Open Solutions had a strategic relationship with IA Systems prior to this deal and the two firms share about 25 of the same credit union clients.

“We were working together a lot. They were certainly best of breed for a very high-end consumer loan origination product, especially when it comes to indirect lending,” said OSI Senior Vice President/Chief Marketing Officer Mike Nicastro.

Nicastro said IA was at that inflection point in its growth. “Being owned by an insurance company could slow their growth. With a technology company they can take off,” said Nicastro.

Open Solutions also formed a strategic alliance with Securian to offer Securian's insurance-related products and services.

Open Solutions has been very acquisitive of late. It acquired Fincentric earlier this year and last year acquired Raddon Financial Group.

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