Fiserv, the third-largest provider of financial services technology on the FinTech 100 ranking, Monday announced it has acquired Open Solutions, a smaller provider of core banking software. The purchase price was $55 million, and Fiserv assumed approximately $960 million of debt.
Open Solutions is a Glastonbury, Conn.-based technology provider to banks, thrifts and credit unions that’s currently ranked 36th on the FinTech list. The company’s key products include DNA, a real-time core banking platform; DNAcreator, a developers’ toolkit that lets banks and credit unions create their own apps for the DNA platform; and DNAappstore, an Apple-inspired app store for programs created with DNAcreator. One of Bank Technology News’ Innovators of the Year, Harry Gunsallus, senior vice president, technology and operations support at Redstone Federal Credit Union, Huntsville, Ala., won for building his own apps in DNAcreator and selling them on the DNAappstore. For instance, the credit union’s Overdraft Research Tool has been purchased and used by several other DNA customers.