October 17, 2006 – (HOSTSEARCH.COM) – The Carlyle Group and Providence Equity Partners are to acquire Open Solutions Inc., it was announced yesterday. Open Solutions is a provider of integrated technologies for financial institutions in the United States, Canada and other international markets and their services include web hosting. The acquisition is valued at over $1.3 billion.
The Carlyle Group and Providence Equity Partners will acquire all Open Solutions’ common stock and the company’s stockholders will receive $38.00 per share – a 32 percent premium over average closing prices over the thirty days.
“This is yet another exciting chapter for Open Solutions as we continue our efforts to revolutionize the financial services sector,” explained Louis Hernandez, Jr., Open Solutions Chairman and CEO. “With this announced transaction we fulfill our desire to deliver an excellent value for our stockholders and at the same time ready Open Solutions to enter the next stage in our history of continually striving to provide innovative and enabling technology solutions and services to our clients and the marketplace. We are pleased to be partnering with two industry leading firms in The Carlyle Group and Providence Equity Partners, and we look forward to working with them to further serve our clients and the industry and build on the success of our company.”
“Louis Hernandez and the talented employees of Open Solutions have built a remarkable company with best-in-class technology and an impressive client list,” added Bud Watts, Managing Director of The Carlyle Group. “Both Providence and Carlyle bring substantial financial resources to Open Solutions, and in partnership with Louis and his team, we intend to support the continued growth and expansion of Open Solutions with aggressive investment in internal R&D, customer service, and complementary acquisitions.”
