Glastonbury, Connecticut – (The Hosting News) – June 28, 2007 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has partnered with Securian Financial Group, as it acquires subsidiary, IA Systems, Inc., to offer Open Solutions clients with an integrated suite of financial security and loan origination services.
Securian Financial Group will provide additional insurance-related products and services, as well as an integrated suite of technology solutions and services. As part of this alliance, Open Solutions is acquiring Securian’s subsidiary IA Systems, Inc., and the StreamLend Velocity and StreamLend product line.
Louis Hernandez, Jr., Chairman and CEO of Open Solutions commented, ”We are truly excited about our new strategic alliance with Securian and our acquisition of IA Systems. Our companies have similar cultures and are dedicated to offering the financial services marketplace more products and services to meet their needs. We share Securian’s and IA Systems’ view on the importance of client service and providing client-focused solutions. We believe that the very loyal client base of IA Systems, combined with our enabling technology, will result in a very strong partnership.”
Both Open Solutions and Securian work with a variety of providers to package insurance products and related technology for the financial services industry. 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.
Robert L. Senkler, Chairman, President and CEO of Securian Financial Group remarked, ”As a result of this transaction, IA Systems and its clients will benefit from the strengths and opportunities inherent in a larger technology company including increased scale and expanded client access. Securian will focus on its core business of manufacturing and distributing insurance and loan protection products. The strategic alliance with Open Solutions strengthens our ability to provide integrated insurance and technology solutions for our financial institution clients. That has been a winning strategy for Securian.”
Mike Nicastro, SVP and CMO of Open Solutions added, ”Open Solutions’ strategic alliance with Securian and acquisition of IA Systems further highlights our commitment to provide our clients’ with best-of-breed solutions and increases our clients’ choices. Partnering with Securian allows us to offer our clients additional financial industry focused service and complementary insurance offerings while our acquisition of IA Systems strengthens our existing loan origination offerings.”
Christopher Cazer, President and CEO of IA Systems offered, ”We are excited to be joining the Open Solutions organization and fully committed to continuing to enable lending technology solutions for our clients, including core systems, loan origination software, insurance products and third-party relationships. We will continue to provide the highest caliber of service and product support that our clients expect, and as part of the Open Solutions organization, we will be able to build technology solutions for clients much more quickly.”
The acquisition of IA Systems will add their consumer loan origination software, StreamLend Velocity, to Open Solutions’suite of technology products and services for financial institutions throughout the world. StreamLend Velocity will enhance Open Solutions’ position as a technology leader by complementing its existing loan origination software system offering. IA clients are also anticipated to benefit by having full access to Open Solutions’ resources and growing technology offerings and services.
Hernandez continued, ”We are committed to doing everything possible to provide the financial services marketplace with the best technology solutions. Our continuing strategy is to augment and round out our offerings through strategic alliances and the acquisition of complementary businesses that we believe add value to our company, clients and to the marketplace. We welcome the employees and clients of IA Systems to the Open Solutions family and look forward to working with them.”
Securian Financial Group, Inc. provides financial security for individuals and businesses in the form of insurance, retirement plans and investments. Affiliates include Minnesota Life Insurance Co., Advantus Capital Management, Allied Solutions, LLP, Securian Life Insurance Company, Securian Casualty Company, Securian Financial Services, Inc. (a broker-dealer) and Securian Trust Company. Securian has more than $600 billion of life insurance in force, nearly $30 billion in assets under management, and a work force of 3,3 00 employees at its St. Paul, Minn. headquarters and offices across the country. Securian serves more than seven million individuals in all 50 states, the District of Columbia, and Puerto Rico.
A Systems provides software solutions and services that automate lending operations and streamline business processes for the financial services industry. Its flagship product, StreamLend Velocity, provides credit unions, banks, and other financial institutions with loan origination systems.
Open Solutions Inc. offers a fully featured strategic 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, digital documents, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services are offered to banks, thrifts, credit unions and financial services providers in the United States and Canada.
To learn more about Securian Financial Group, Inc., please visit: www.securian.com.
For more information about Open Solutions, please visit: www.opensolutions.com.