Fiserv, Inc. (FISV: Quote) announced that it has acquired Open Solutions Inc. for a purchase price of $55 million, and Fiserv assumed approximately $960 million of debt. The transaction was completed on January 14, 2013.
In conjunction with the acquisition, Fiserv said it will benefit from an acquired tax asset with a net present value at the time of purchase of about $165 million.
Through this acquisition, Fiserv will also add several other key solutions, including the CUnify and TotalPlus account processing platforms, Weiland Account Analysis for commercial account analysis, tools that enable the creation and sharing of client-developed functionality, and Raddon Financial Group, which offers performance consulting services.
The company said it expects to achieve annualized revenue synergies in connection with the acquisition of at least $75 million, and annualized cost synergies in excess of $50 million, over the next several years.
by RTT Staff Writer
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