Under the terms of the agreement, Open Solutions acquired EastPoint Technologies for approximately $7 million in cash, $350,000 of which is contingent upon EastPoint Technologies meeting certain performance criteria set forth in the asset purchase agreement. For the fiscal year ended December 31, 2003, EastPoint Technologies reported revenue of approximately $7 million. EastPoint Technologies will be integrated into Open Solutions Core Systems Group and will continue to be located in New Hampshire. Current EastPoint CEO, Danny W. Jett, will remain with the company during the period of transition and until such time as a successor is named. Open Solutions and EastPoint Technologies both serve the financial services marketplace with an emphasis on providing enabling solutions designed to provide institutions with a distinct technological and competitive advantage. While Open Solutions actively serves the community banking and credit union industry, EastPoint Technologies has developed a niche serving finance companies, farm credit associations, Bankers Banks and Federal Home Loan Banks. Open Solutions plans to leverage each companys relational technology and experience to develop additional product offerings such as more advance commercial functionality to supplement the companys present commercial offerings.
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