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Open Solution Inc.'s fti/Financial Technologies Signs Twelve New Clients; Sales of Profitability Solution and Financial Platform Continue to Grow.

Business Editors

GLASTONBURY, Conn.--(BUSINESS WIRE)--Jan. 7, 2004

Open Solutions Inc.'s fti/Financial Technologies (FTI), a business unit of Open Solutions (NASDAQ: OPEN) and a provider of integrated financial accounting tools, asset liability management software and enterprise profitability solutions, announced that twelve financial institutions recently purchased one or more of its financial solutions.

Two of the new clients, Oneida Savings Bank in Oneida, NY and South Valley Bank & Trust in Klamath Falls, OR, purchased ProfitVision, Open Solutions' FTI enterprise-level profitability solution. Rick Stickels, chief financial officer for Oneida Savings Bank, noted, "The time has come for us to understand who the real contributors to our bottom line are at a departmental and product level. The ProfitVision solution enables us to do that as well as get a clear picture of the expense side." Oneida Savings Bank has used other profitability solutions in the past, but found ProfitVision to be the solution that meets their needs.

Other clients joining Open Solutions client base purchased FTI's Accounts Payable, General Ledger, Advanced Report Writer, Fixed Assets and Asset/Liability solutions. Some of the new clients are Pioneer Credit Union in Green Bay, WI; First National Bank of the Rockies in Meeker, CO; Baton Rouge Teachers Federal Credit Union in Baton Rouge, LA; Pacific Marine Credit Union in Camp Pendleton, CA; InterSavings Bank in Edina, MN; First Bristol Federal Credit Union in Bristol, CT and Crescent Bank in New Orleans, LA.

Kevin Cochran, senior vice president and chief financial officer for First National Bank of the Rockies, said, "We were looking for a powerful asset/liability and budgeting tool and Open Solutions' FTI product offering met all of our needs. FTI's interface to our core processing system saved us from a massive data input effort."

Anne Miela, vice president and group manager of Open Solutions' FTI group, said, "We are very pleased with our growth in clients. We have been listening carefully to our clients and working hard to deliver what we believe to be the best financial solutions in the industry."

About Open Solutions Inc.'s Financial Technologies

fti/Financial Technologies (FTI) is a provider of complete financial information management applications. Offering a robust set of software solutions, FTI's solutions have detailed reporting capabilities designed to help financial institutions streamline accounting operations, analyze profitability and improve the quality of financial management. FTI's solutions include: General Ledger, Accounts Payable, Asset Liability Management, Profitability Management, Fixed Assets Accounting and Investment Management. For more information visit www.ftifintech.com or contact Brud Deas at (603) 430.2897 or email at bdeas@ftifintech.com. fti/Financial Technologies is a strategic business unit of Open Solutions Inc.

About Open Solutions

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 and loan origination solutions. Open Solutions' full suite of products and services allows banks, savings institutions and credit unions to better compete in today's aggressive financial services marketplace, 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 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.(R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners.

Safe Harbor Statement

Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements including, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors discussed in the Company's Registration Statement on Form S-1, as amended, filed with the Securities and Exchange Commission.
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Publication:Business Wire
Geographic Code:1USA
Date:Jan 7, 2004
Words:754
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