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September 16, 1998

HNC BUYS OPEN SOLUTIONS FOR $124M

By CBR Staff Writer

HNC Software Inc, San Diego-based developer of data mining and neural networking software, has acquired Open Solutions Inc, which provides client/server core processing software and services to small and mid-sized banking and credit union institutions. HNC will hand over three million shares of common stock for the purchase, valuing the transaction at $124m, based on Wednesday’s HNC closing price of $41.375. The deal is expected to close in November.

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