Fintech provider Fiserv is acquiring Open Solutions, a rival technology provider, for $55 million in a transaction completed yesterday, according to a Fiserv statement released this morning. The deal will allow Fiserv to add some of Open Solutions' products and services to its portfolio, including Open Solutions' DNA platform, a real-time open technology account processing platform. The platform is notable for its DNAcreator and DNAappstore which allow the platform's users to create their own applications on the platform and then sell them to other users.
"Open Solutions provides several growth opportunities including a real-time account processing capability that serves multiple charter types, languages and currencies on a single platform," Jeffrey Yabuki, the president and CEO of Fiserv, said in the statement.
Open Solutions has more than 3,300 clients world wide, according to the Fiserv statement, and more than 800 clients using its account processing technology. Open Solutions' clients will now have access to Fiserv solutions such as its Mobiliti mobile banking and Popmoney social payments solutions. Fiserv said in the statement that it plans to eventually add some of the features of its Acumen account processing platform to the DNA platform as well.
Fiserv added that it expected the deal to generate $75 million in annual revenue and annual savings of around $50 million over the next several years.