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Open
Solutions Announces International Strategic Reseller
Partnership with R Systems Inc.
GLASTONBURY,
Conn., Aug. 31, 2005 Open Solutions Inc.®
(NASDAQ: OPEN), a provider of integrated enabling technologies
for financial institutions, announced a strategic reseller
partnership with R Systems Inc., an information technology
and business process outsourcing company serving clients
worldwide with global delivery capabilities. The partnership
with R Systems will further expand Open Solutions
presence in the international market. Open Solutions
recently announced its International Operations Department
headed by industry veteran Wayne Ginn.
R
Systems International Ltd., is headquartered in El Dorado
Hills, Calif. and Noida, India. Through its banking
and finance vertical, Indus Soft, R Systems is involved
in providing total solutions and consumer finance software
products to the banking industry in Asia, the Far East,
the Middle East and Europe.
As a result of this reseller partnership, R Systems
will sublicense Open Solutions relational core
data processing solutions and integrated strategic products
in its target markets, and Indus Soft will be responsible
for implementing, customizing, localizing and supporting
the products.
Open Solutions Chairman and CEO Louis Hernandez, Jr.,
said, This reseller relationship will enable Open
Solutions to gain entry into markets where R Systems
is already strong, giving our globalization plans a
foothold overseas. We believe that our open core data
processing platform solution and integrated product
suite will not only increase our association in these
markets, but will also provide-R Systems with the ability
to offer a more comprehensive solution to its customers.
Having resellers in the international market space is
part of our ongoing strategy to introduce our technologies
abroad. This reseller partnership, along with the recent
addition of global financial industry veteran Wayne
Ginn as vice president of International Operations,
will further our international presence.
Open Solutions provides enabling solutions to domestic
and international financial institutions, offering some
of the most advanced functionality, technology and service
in todays market. Its relational database technology
suite was designed to be an open architecture application,
creating the flexibility necessary to run an agile,
customer-focused institution. The product suite delivers
real-time core data processing, business functionality
and business intelligence capabilities that have efficiencies
for both the front and back offices.
We looked closely at Open Solutions product
offering and fully understand its value and efficacy,
said R Systems Chairman and CEO Rekhi Singh. Open
Solutions relational core data processing solution
is best suited for financial institutions looking to
grow their businesses, streamline operations and remain
competitive. We believe its best-of-breed enabling platform
offers flexibility, scalability and ability to address
future industry requirements. Open Solutions advanced
applications satisfy these needs and have surpassed
our expectations and industry requirements.
This is a great opportunity for both companies,
Ginn said. R Systems already has a strong presence
internationally. This agreement will give them the opportunity
to resell the Open Solutions product line and
thus increase Open Solutions presence in the international
market. Its a win-win for both companies.
Open Solutions is staying ahead of global trends in
technology by providing international financial institutions
with open, real-time solutions. The enterprise applications
have been designed to improve customer relationship
management, reporting and technology integration.
This reseller partnership with R Systems provides
us with an excellent opportunity to reach the international
banking arena, Hernandez said. Reseller
alliances such as these are an important strategy in
addressing the global demand to the innovative open
flexible technologies and services for which Open Solutions
has developed a market-wide reputation.
About Open Solutions Inc.
ROpen Solutions Inc. offers a fully-featured strategic
product platform that integrates core data processing
applications built on a single centralized Oracle®
relational database, with Internet banking, cash management,
CRM/business intelligence, financial accounting tools,
imaging, Check 21, interactive voice response, and payment
and loan origination solutions. Open Solutions
full suite of products and services allows banks, thrifts
and credit unions in the United States and Canada to
better compete in todays aggressive financial
services marketplace, and expand and tap their trusted
financial relationships, client affinity, community
presence and personalized service.
For
more information about Open Solutions or its financial
product line contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com
by phone at 860.652.3153 or via fax at 860.652.3156.
Visit Open Solutions Internet site at http://www.opensolutions.com.
Open Solutions Inc. is a registered trademark of Open
Solutions Inc. All other company and product names may
be trademarks of their respective owners. Copyright
2005 Open Solutions Inc. All rights reserved.
About
R Systems
R Systems develops designs and delivers comprehensive
IT and business process outsourcing solutions and services
including systems development, systems integration,
product development, product maintenance, quality analysis
and testing, and customer support for a mix of Global
1000, mid-sized companies and government organizations
R Systems global delivery model improves efficiency
and reduces cost of solutions to its clients. R Systems
has over 1,000 employees in over 5 offices worldwide
and all its offshore centers in India are certified
SEI-CMM Level 5. R Systems U.S. headquarters is located
at El Dorado Hills, CA and the worldwide headquarters
is located in Noida, India. www.rsystems.com
.
Safe
Harbor Statement
Statements made in this press release that state Open
Solutions Inc.'s or management's intentions, beliefs,
expectations, or predictions for the future are forward-looking
statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Readers are cautioned
that these statements are only predictions and may differ
materially from actual future events or results. All
forward looking-statements are only as of the date of
this press release and Open Solutions Inc. undertakes
no obligation to update or revise them. Such forward-looking
statements are subject to a number of risks, assumptions
and uncertainties that could cause Open Solutions Inc.'s
actual results to differ materially from those projected
in such forward-looking statements. For example, we
operate in a competitive business environment, and if
we are unable to compete effectively, we may face price
reductions and decreased demand for our products. Factors
which could cause our actual results to differ materially
from those projected in forward-looking statements include,
without limitation, economic, competitive, governmental
and technological factors affecting the banking and
credit union industry and/or Open Solutions Inc.'s operations,
markets, products, services, prices and other factors
set forth under the heading Factors Affecting
Future Operating Results in Open Solutions
Quarterly Report on Form 10-Q for the three months ended
June 30, 2005, as filed with the Securities and Exchange
Commission.
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