GLASTONBURY, Conn. – Open Solutions Inc. is continuing its acquisitive ways, this time buying remittance/lock box specialist Omega Systems Corp. of North America for $2.5 million in cash. The Dryden, N.Y., company will become part of OSI's imaging and item processing business unit, imagic, as OSI, like other firms in the electronic commerce space, continue to acquire services and technologies geared toward Check 21. “We are very pleased to be adding Omega's remittance and lockbox services,” said Mike Nicastro, senior vice president and general manager of Open Solutions' Strategic Solutions Group. “With over 100 clients, we believe that their innovative technology offerings are a natural extension of our own imaging and item processing services.” Omega Systems had 2003 revenues of about $2 million. OSI plans to offer the Omega Systems platform as an in-house solution and as an outsourcing service from existing 1locations in Simsbury, Conn., and Utica, N.Y. OSI has bought several companies over the past several months, including most recently Indiana-based credit union core processing firm re:Member Data Services.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.