Open Solutions Forms Strategic Alliance with Securian Financial Group, Acquires Subsidiary - IA Systems, Inc.Strategic alliance and product acquisition offers Open Solutions' clients an integrated suite of financial security solutions and additional loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. services GLASTONBURY, Conn. -- Two of the industry's premier business providers, Open Solutions Inc.[R] and Securian Financial Group, have announced a strategic alliance to offer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers additional insurance-related products and services, as well as an integrated suite of innovative technology solutions and services. As part of this alliance, Open Solutions is acquiring Securian's subsidiary IA Systems, Inc., and the StreamLend[R] Velocity and StreamLend[R] product line. Open Solutions Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Louis Hernandez, Jr., said, "We are truly excited about our new strategic alliance with Securian and our acquisition of IA Systems. Our companies have similar cultures and are dedicated to offering the financial services marketplace more products and services to meet their needs. We share Securian's and IA Systems' view on the importance of client service and providing client-focused solutions. We believe that the very loyal client base of IA Systems, combined with our enabling technology, will result in a very strong partnership." Both Open Solutions and Securian work with a variety of providers to package insurance products and related technology for the financial services industry. Their strategic alliance will allow the two companies to integrate Securian's insurance related products into Open Solutions' loan origination and relationship-based core data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a systems and the distribution of Open Solutions' systems by Securian. Securian's product suite, which is either underwritten by one of Securian's affiliates or distributed by Allied Solutions, includes credit life insurance, credit disability insurance, mortgage life insurance, mortgage disability insurance, GAP, MBP (Manchester Bus Powered) A synchronous transmission standard used in industrial networks. It provides 31.25 Kbps over a two-wire connection that delivers power in the bus and intrinsic safety. , CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I and debt cancellation. "As a result of this transaction, IA Systems and its clients will benefit from the strengths and opportunities inherent in a larger technology company including increased scale and expanded client access," said Robert L. Senkler, chairman, president and CEO, Securian Financial Group. "Securian will focus on its core business of manufacturing and distributing insurance and loan protection products. The strategic alliance with Open Solutions strengthens our ability to provide integrated insurance and technology solutions for our financial institution clients. That has been a winning strategy for Securian." "Open Solutions' strategic alliance with Securian and acquisition of IA Systems further highlights our commitment to provide our clients' with best-of-breed solutions and increases our clients' choices," said Mike Nicastro, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul & CMO CMO See: Collateralized mortgage obligation CMO See collateralized mortgage obligation (CMO). , Open Solutions. "Partnering with Securian allows us to offer our clients additional financial industry focused service and complementary insurance offerings while our acquisition of IA Systems strengthens our existing loan origination offerings." "We are excited to be joining the Open Solutions organization and fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to continuing to enable lending technology solutions for our clients, including core systems, loan origination software, insurance products and third-party relationships," said Christopher Cazer, president and CEO, IA Systems. "We will continue to provide the highest caliber of service and product support that our clients expect, and as part of the Open Solutions organization, we will be able to build technology solutions for clients much more quickly." The acquisition of IA Systems will add their state-of-the-art consumer loan origination software, StreamLend Velocity, to Open Solutions' suite of technology products and services for financial institutions throughout the world. StreamLend Velocity will enhance Open Solutions' position as a technology leader by complementing its existing loan origination software system offering. IA clients will also benefit by having full access to Open Solutions' resources and growing technology offerings and services. Hernandez added, "We are committed to doing everything possible to provide the financial services marketplace with the best technology solutions. Our continuing strategy is to augment and round out our offerings through strategic alliances and the acquisition of complementary businesses that we believe add value to our company, clients and to the marketplace. We welcome the employees and clients of IA Systems to the Open Solutions family and look forward to working with them." About Securian Financial Group Securian Financial Group, Inc. (www.securian.com) provides financial security for individuals and businesses in the form of insurance, retirement plans and investments. Affiliates include Minnesota Life The Minnesota Life Insurance Company was founded in St. Paul, Minnesota in 1880 as a mutual insurance company. It was originally organized as a mutual because a general distrust of stockholder-owned businesses prevailed at that time and there was a shortage of people willing to buy Insurance Co., Advantus Capital Management, Allied Solutions, LLP LLP - Lower Layer Protocol , Securian Life Insurance Company, Securian Casualty Company, Securian Financial Services, Inc. (a broker-dealer) and Securian Trust Company. Securian has more than $600 billion of life insurance in force, nearly $30 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , and a work force of 3,3 00 employees at its St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. headquarters and offices across the country. Securian serves more than seven million individuals in all 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . For more information about Securian Financial Group contact Maggie Jensen, Media Relations Consultant, 651-665-7558. About IA Systems IA Systems provides high-quality software solutions and services that automate lending operations and streamline business processes for the financial services industry. Its flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , StreamLend([R]) Velocity, provides credit unions, banks, and other financial institutions with a loan origination system that is one of the most powerful, flexible, and easy to use products in the lending industry. For more information about IA Systems contact Christopher Cazer, president and CEO, 518-862-9200, extension 225, or ccazer@iasystems.com. About Open Solutions Inc. Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle[R] relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the worldwide to better compete in today's 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
Danziger Goldwasser (German: Gold water of Danzig 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 www.opensolutions.com. Open Solutions Inc. is [R] a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2007. Open Solutions Inc. All rights reserved. Editor's Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the to refer to the company. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion