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Buying Spree: OSI Acquires Remittance Specialist Omega Systems

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...

By Staff Writer | Updated on August 03, 2004

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.

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