Open Solutions

About Open Solutions

Founded in 1992, Open Solutions set out to modernize the technology backbone of financial institutions. The company developed enterprise-wide software to handle data processing and information management for community banks, thrifts, and credit unions. Unlike the legacy systems of the time, which were often built on older programming languages like COBOL, Open Solutions created a more modern, open, and flexible customer-centric platform. The company, led by Chairman and CEO Louis Hernandez, Jr., grew both organically and through strategic acquisitions. A key moment in its journey was the development of the DNA platform, a real-time, open-technology account processing system. This innovation distinguished it from competitors and helped fuel its expansion, attracting thousands of clients globally. In June 1998, Open Solutions filed for an Initial Public Offering (IPO) to raise $75 million, marking a significant step in its growth. The company continued to build its business, but by the early 2010s, it faced challenges related to a complex capital structure. The story took its final turn in January 2013 when Fiserv, a global leader in financial services technology, acquired Open Solutions. Fiserv paid $55 million and assumed approximately $960 million of debt to complete the deal, integrating Open Solutions' innovative platforms into its own extensive portfolio.