GLASTONBURY, Conn. -- The acquisitive Open Solutions Inc., which returned to a private structure last year, has purchased 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. Their strategic alliance will allow the two companies to integrate Securian's insurance related products into Open Solutions' loan origination and relationship-based core data processing systems and the distribution of Open Solutions' systems by Securian. Securian's product suite, which is either underwritten by one of Securian's affiliates or distributed by Allied Solutions, includes credit life insurance, credit disability insurance, mortgage life insurance, mortgage disability insurance, GAP, MBP, CPI and debt cancellation.

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