Open Solutions Inc. (NASDAQ: OPEN), a provider of integrated data processing technologies for banks and credit unions, announced it has acquired Belmont, MI-based COWWW Software, a market leader in Web-based archiving, retrieval and document distribution solutions for the financial services industry.
Under the terms of the agreement, Open Solutions will acquire COWWW Software, which in 2004 reported revenues of more than $4 million and was profitable, for approximately $8 million in cash. COWWW Software, which derives its name from Computer Output to the World Wide Web, will become a wholly owned subsidiary of Open Solutions reporting into the company's Strategic Solutions Group and continue to operate as a separate business unit, retaining its current management team.
"COWWW Software is highly recognized in the financial services market for providing top-quality archiving and document products backed by dedicated support services," said Dave Krystowiak, SVP and general manager, Open Solutions Strategic Solutions Group. "Its innovative technology offerings are a natural extension of our own industry-focused products and services."
Open Solutions and COWWW offer a complementary suite of enabling technologies that provide financial institutions with the technological tools to help them better compete and offer additional services in their marketplaces. Both COWWW and Open Solutions have common clients, and increased integration efforts are already underway to raise those numbers.
COWWW Software President Bill Thomas said, "Open Solutions and COWWW Software share a common dedication and commitment to the industry we serve. We are pleased to be joining Open Solutions as a new strategic business unit and look forward to continually serving the needs of our resellers, clients and the financial services industry."
Chairman and CEO of Open Solutions Louis Hernandez, Jr. said, "We are constantly looking to enhance our existing suite of products and services. Our continuing strategy is to augment and round out our offerings through the acquisition of complementary businesses that we believe add value to our company, clients and to the marketplace. COWWW Software is truly such a company and with this product line acquisition, Open Solutions' technology will now include a comprehensive information archive and delivery system including COLD (Computer Output to Laser Disk) archiving, document management and imaging, eStatement delivery, receipt capture and ID scanning. On behalf of all of us at Open Solutions, I welcome the employees and clients of COWWW Software to the Open Solutions family and look forward to working with them."