GLASTONBURY, Conn.--(BUSINESS WIRE)--Open Solutions Inc.®, the leading provider of collaborative enterprise technology to community-based financial institutions worldwide, today provided information regarding its financial performance for the fourth quarter ended December 31, 2011.
Open Solutions’ DNA enterprise core banking platform was created around the person, not the transaction, to provide financial institutions a greater understanding of their customers’ needs. DNA serves financial institutions globally with a single code line and the proven flexibility to be tailored to the diverse market needs of banks, credit unions and other financial services organizations operating anywhere in the world. DNA is the only platform that empowers its user community to redefine what is possible from core technology by offering the ability to collaborate and share technology to reduce costs and deploy innovative solutions more quickly.
Combined with the groundbreaking launch of DNAcreator™ and the DNAappstore™, the first and only global collaborative marketplace for core banking technology, Open Solutions’ revolutionary product suite is driving significant market and financial momentum. As a result, Open Solutions exceeded previously provided guidance in terms of growth, profitability and cash flow generation.
Sales bookings of $183 million increased 12% year-over-year with a strong contractual revenue backlog of approximately $900 million giving Open Solutions tremendous forward revenue visibility.
With this above-market bookings growth, Open Solutions’ financial momentum is accelerating as demonstrated by its fourth quarter 2011 financial results, including Quarterly Adjusted Operating Income growth of 20% as compared to 2010, and quarterly cash flow generated from operations 47% higher than 2010.
Since the DNA platform was introduced in 2008, more than 560 clients managing over $320 billion in assets have migrated to DNA, making it one of the fastest growing core banking platforms in the world. The acceptance of the DNA product suite has resulted in record levels of client satisfaction, and numerous awards from analysts and industry publications, including being the only core technology provider named to the list of “Top Ten Tech Companies to Watch in 2012” by Bank Technology News.
The DNAappstore has grown rapidly since its mid-year 2011 launch. Banks and credit unions have downloaded over 500 DNAapps from the DNAappstore, establishing this revolutionary platform as a hub for technology innovation and collaboration. The DNAappstore has logged more than 20,000 unique visits originating from countries all over the globe, and more than 30 organizations are certified DNAapp developers. Meanwhile, Open Solutions has continued to invest in the DNA core platform with “native” DNAapps, such as DNAweb™ – a fully integrated internet banking solution.
“We are very pleased with the direction of our transformation as a company over the last five years,” said Louis Hernandez, Open Solutions’ Chairman and CEO. “We have created a radically different enterprise technology platform that is being recognized as a market disruptor in the financial services technology space. We believe that has been achieved to the point that we now have the flexibility to consider a range of strategic initiatives that will further strengthen our capital structure and enable us to continue to successfully drive growth through our global collaborative network and innovative product suite.”
Open Solutions Inc.
Open Solutions Inc.® helps community-based financial institutions around the world enrich their local economies by providing innovative technologies and insights that enable them to operate more profitably, efficiently and collaboratively.
Industry pioneers, Open Solutions revolutionized enterprise technology with DNA™, the first open, relationship-centered core banking platform built for global collaboration. This radically different approach to enterprise technology enables banks and credit unions around the world to leverage the power of community through DNAappstore™, the first-ever collaborative marketplace for user-created core enhancements.
Extending the power of DNA further, Open Solutions offers a full range of complementary payments, item processing, distributed capture, internet banking, mobile banking, CRM, business intelligence, loan origination, financial accounting, account analysis, wealth management, digital document, interactive voice response, and hardware solutions, plus independent industry insight and guidance from Raddon Financial Group.
For more information about Open Solutions, visit Open Solutions at www.opensolutions.com. You can also fan Open Solutions on http://www.facebook.com/opensolutionsinc or follow Open. Solutions via Twitter @OpenSolutionsCC.
Open Solutions Inc.® is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2012 Open Solutions Inc. All rights reserved.
Safe Harbor Statement
Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. These statements include forecasted growth in Open Solutions. Other forward-looking statements include those regarding Open Solutions’ business outlook for 2012 and beyond and statements containing words such as anticipate, believe, plan, estimate, target, expect, seek, intend and other similar words that signify forward-looking statements.