Open Solutions Inc., a provider of integrated data processing across North American and other international markets, has signed a definitive agreement to acquire Canadian-based Fincentric Corporation, a provider of core retail banking and customer value management software to the global financial services industry.
The acquisition, which is subject to final approval by Fincentric’s shareholders, is expected to close within the next 30 to 45 days.
Open Solutions believes the transaction would further enable it to expand its product offerings and market presence in the Canadian and global marketplaces. Fincentric will become part of Open Solutions Canada.
“We believe that becoming part of Open Solutions will provide Fincentric with an excellent opportunity to continue our success in providing innovative solutions to the financial services marketplace,” said Robert Nygren, Fincentric Corporation’s president and CEO. “Open Solutions is highly recognized in the financial services arena. They have garnered an excellent reputation in the industry and have demonstrated focused leadership in proactively meeting the technological and service needs of the industry and their clients. We are looking forward to joining and working with Open Solutions as we continue to serve the needs of the financial services industry.”