Accordingly, both parties have agreed to extend the date for the completion of the acquisition from Feb. 28, 2006 to on or before March 8, 2006. A copy of the amendment to the Stock Purchase Agreement is being furnished by Open Solutions to the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.
About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that enable investment firms, insurance companies and banks to more efficiently serve their customers, grow their businesses, and respond to evolving regulatory requirements. Its Investment Services group provides administration and distribution services for mutual funds, hedge funds, private equity funds, retirement plans and other investment products. Through its Insurance Services group, BISYS is the nation's largest independent wholesale distributor of life insurance and a leading independent wholesale distributor of commercial property/casualty insurance, long-term care, disability, and annuity products. BISYS' Information Services group provides industry-leading information processing, imaging, and back-office services to banks, insurance companies and corporate clients. Headquartered in New Jersey, BISYS generates more than $1 billion in annual revenues worldwide. Additional information is available at www.bisys.com.
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic product platform that integrates enterprise-wide data processing applications built on a single centralized Oracler relational database with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, electronic image/item processing, interactive voice response, web-hosting and design services, payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the United States and Canada 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 by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Web site at www.opensolutions.com.