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Open Solutions Acquires CGIs US Services to Credit Unions Business Unit

Thursday 10 March 2005 14:41 CET | News

Open Solutions and CGI Group, have signed an asset purchase agreement under which Open Solutions has acquired CGI’s US Services to Credit Unions business unit and its CyberSuite product line.

CGI’s US Services to Credit Unions is a provider of core processing for approximately 180 credit unions in the United States. The unit also provides additional services such as loan origination and Web hosting solutions for credit unions. Under the terms of the agreement, Open Solutions acquired CGI’s US Services to Credit Unions business unit for approximately US$24 million in cash. Open Solutions serves the financial services marketplace of banks and credit unions in the United States and Canada with an emphasis on providing institutions with a distinct technological, service and competitive advantage. US Services to Credit Unions primarily serves the credit union marketplace and reported annualized revenue of approximately US$16 million. US Services to Credit Unions will become part of Open Solutions Core Systems Group and will continue to be located and run operations from Southfield, Michigan. Industry veteran Mike Evans of Open Solutions, who has more than 25 years of experience serving credit unions, will be working closely with the US Services to Credit Unions’ management team to oversee integration planning and day-to-day activities.


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Categories: Payments & Commerce | Payments General
Countries: World
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