The two US-based buy-out companies will pay $38 per share for all outstanding Open Solutions’ shares or a 32% premium over the average closing price of the stock for the past 30 trading days.
Glastonbury, Connecticut-based Open Solutions said its board had approved the buyout, according to a statement.
Open Solutions, which founded in 1992, sells and supplies a platform that integrates core data processing applications, built on a centralized Oracle relational database.
Features include online banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, digital document, interactive voice response, network services, Web hosting and design, and payment and loan origination software.
The Carlyle Group’s managing director Bud Watts said it intends to expand Open Solutions with aggressive investment in internal R&D, customer service and complementary acquisitions, in a statement.
The deal is expected to close during the first quarter of next year.
