Glastonbury, Connecticut – (The Hosting News) – August 18, 2006 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has reached an agreement for its Canadian subsidiary, Open Solutions Canada, with Celero Solutions, to provide a comprehensive suite of Open Solutions’ strategic products to the Calgary, Alberta-based organization.
The total value of the strategic products contract is US $21.7 million (CDN $24.2 million). This additional agreement complements an existing relationship finalized in December 2005 granting Celero licensing rights, reseller and maintenance agreement with Open Solutions for the Canadian version of Open Solutions’ relational core data platform, The Complete Credit Union Solution.
The transaction includes software licenses, hardware and a professional services agreement with multiple licenses for several of Open Solutions’ powerful complementary strategic solutions, which Celero will resell and distribute to its credit union clients in the Canadian provinces of Alberta, Saskatchewan and Manitoba. Celero’s multi-license purchases include Open Solutions’ ProfitVision, an enterprise solution for analyzing profitability, and Open Solutions’ customer relationship management/business intelligence tool for credit unions – cView.
In addition, Celero has purchased a service bureau license for report viewing, archival and retrieval software for its data centre and several interfaces to enhance service delivery to its clients. Hardware purchased includes ID scanners and signature capture devices provided by VerantID to support member identification on the banking system. The agreement also includes the purchase of professional services to be provided by Open Solutions Canada to Celero.
Dan Delaloye, Chief Executive Officer at Celero explained, ”This agreement further extends and deepens the relationship Celero and Open Solutions established last December. Celero is committed to helping its clients thrive in a highly competitive financial services marketplace and Open Solutions worked diligently with us to craft an agreement that we believe will help us deliver on this commitment.”
Open Solutions Canada President Blair Goulet added, ”We are pleased that our two organizations were able to work together so effectively to develop an agreement that not only benefits both organizations, but also the credit unions that obtain services from Celero. Celero’s clients now have access to what we believe to be some of the most powerful tools available in the financial services industry to help them become more efficient, responsive and competitive. We look forward to working with Celero to promote these products to its clients.”
Louis Hernandez, Jr., Chairman and Chief Executive Officer of Open Solutions offered, ”We believe the power of Open Solutions’ advanced technology becomes truly apparent when our strategic ancillary product offerings are combined with our core data processing technology. At the beginning of the year, Celero took a decisive step in its mandate to ‘accelerate success’ for its credit union clients by selecting The Complete Credit Union Solution as its core technology platform. Now, with this agreement, Celero has elected to purchase additional key strategic components that we believe can further help its credit union clients become more of a formidable force in the Canadian financial services industry.”
Recently, Open Solutions reported revenues for the second quarter of 2006 increased 127 percent to $107.1 million, from $47.1 million for the second quarter of 2005.
Open Solutions Inc. offers a product platform designed to integrate core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and provides services to banks, thrifts and credit unions in the United States and Canada.
To learn more, please visit: www.opensolutions.com.