Fiserv, the Wisconsin-headquartered end-to-end business and technology solution provider, has acquired Connecticut tech provider Open Solutions for $55m.
Fiserv took on $960m of debt as a result of the deal.
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Jeffery Yabuki, president and CEO of Fiserv said: "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."
"Open Solutions’ strong team of associates is intently focused on client success and committed to collaborative technology, which will enhance the value we provide to our clients."
Open Solutions serves more than 3,300 clients worldwide, including more than 800 account processing clients.
Louis Hernandez, Jr., chairman and CEO of Open Solutions said: "We are extremely proud of the innovative products Open Solutions has developed since it’s founding in 1992, and the strong business that we have built over the years."
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By GlobalDataHernandez added: "Joining Fiserv provides us with significant resources that will benefit our clients and increase market momentum. We are delighted to join Fiserv, a leader in the delivery of innovative financial services technologies."
The deal will give Fiserv the ability to provide financial institutions with a technology platform that allows them to deliver differentiated experiences over integrated platforms.
Fiserv expects to bring in at least $75m in extra annual revenues and result in cost savings of more than $50m over the next several years.
Fiserv has released its preliminary results for 2012 and guidance for 2013.
Fiserv anticipates 2012 adjusted earnings per share to increase by 12% year-on-year and adjusted internal revenue growth of 2%.
On a preliminary basis for 2013, adjusted internal revenue growth is expected to be between 3% and 4% percent with earnings per share of 15% to 18%.
Full results and guidance will be given on 5 February.
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