Glastonbury, Connecticut – (The Hosting News) – February 12, 2007 – Web host and integrated enabling financial technologies firm, Open Solutions Inc.’s stockholders, have approved the initial acquisition merger agreement, with Carlyle Group and Providence Equity Partners affiliated companies.
Based upon the preliminary tally of shares voted at a special meeting of its stockholders, 15,028,943 shares were voted at the meeting, representing 73.8% of Open Solutionsâ€™ outstanding voting shares. Approximately 99.7% of the shares present and voting, which represents approximately 73.5% of the total number of shares outstanding and entitled to vote, voted in favor of the adoption of the merger agreement. Under the terms of the merger agreement, Open Solutions stockholders will be entitled to receive $38.00 per share in cash, without interest, for each share of Open Solutions common stock held.
The Carlyle Group is a global private equity firm with over $50 billion under management. Carlyle invests in buyouts, venture and growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on technology, aerospace and defense, automotive and transportation, business services, consumer and retail, energy and power, healthcare, industrial and telecommunications and media. Since 1987, the firm has invested $24 billion of equity in 576 transactions for a total purchase price of $101.8 billion. Carlyle employs more than 740 people in 16 countries. Recent deals have included the acquisitions of Freescale Semiconductor, Inc., one of the world’s largest semiconductor companies, SS and C Technologies, Inc., a provider of highly specialized proprietary software and related services to the financial services industry, Dunkin Brands, Inc., a franchisor of quick service restaurant concepts, The Hertz Corporation, the largest worldwide car rental brand, and VNU Group B.V., a global information and media company.
Providence Equity Partners Inc. is a global private investment firm specializing in equity investments in media and entertainment, communications and information companies around the world. The principals of Providence Equity manage funds with over $20 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firmâ€™s inception in 1990. Significant investments include SunGard Data Systems Inc., Bresnan Broadband Holdings, LLC , Casema N.V., Com Hem Group, Education Management Corporation, eircom Group plc, Kabel Deutschland GmbH, Metro-Goldwyn-Mayer Inc., Grupo Corporativo ONO, PanAmSat Corporation, ProSieben-Sat.1 Media AG, Recoletos Grupo de ComunicaciÂ´ on S.A., VoiceStream Wireless Corp., Warner Music Group Corp., Western Wireless Corporation and TDC A/S. Providence Equity is headquartered in Providence, RI and has offices in New York, NY and London, UK.
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, 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 allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
To learn more about Open Solutions, please visit: www.opensolutions.com.