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Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets, announced today the acquisition of The Weiland Financial Group, Inc. (WFG), an award-winning provider of financial account-management solutions for financial institutions and Fortune 1000 companies.
Founded in 1981, WFG is an innovator in the billing and analysis of treasury service fees. The Chicago-area company is the primary author of the 822 & BSB electronic billing standards; has pioneered SaaS account analysis; and is the only provider of its kind to serve both financial institutions and corporations. WFG solutions have been recognized as “Best in Breed” by Business Finance Magazine for eight consecutive years and are used by many of the world’s most prestigious banks and corporations, including more than 200 of the Fortune 500.
For banks and credit unions, WFG’s Commercial Account Analysis (CAA) is a full-featured billing suite that generates account analysis statements, analyzes customer profitability, and drives fee income. For corporate treasurers, WFG’s Bank Relationship Manager Edge (BRMEdge) automates the electronic receipt, processing and analysis of billing statements for reduced bank fees and increased productivity. Also for corporations, WFG’s Bank Administrator Web (BAWeb) uses the new eBAM standard to electronically manage bank account and signatory data, enabling enhanced control and transparency. WFG’s solutions are available on-premise, SaaS or outsourced to WFG specialists.
WFG plans to continue to offer and support its solutions on a stand-alone basis. Additionally, Open Solutions plans to integrate WFG’s products into its own offerings for enhanced client value. WFG employees will become Open Solutions employees.
“Weiland Financial Group is highly recognized in the financial services market for providing top-quality products and services,” said Louis Hernandez, Jr., Open Solutions chairman and CEO. “We’re always looking to enhance our suite of innovative products and services, and WFG, with its own history of innovation, is an excellent fit for us. We believe WFG will add great value to our company and clients, and Open Solutions will bring additional value to their clients, employees and partners. On behalf of all of us at Open Solutions, I welcome the employees and clients of WFG to the Open Solutions family and look forward to working with them.”
WFG CEO Pat Weiland said, “Open Solutions and WFG share a common dedication and commitment to the industry we serve. We are pleased to be joining Open Solutions and are committed to its growth and success. We will continue to support our customers and look forward to providing them with additional innovative products and services.”
WFG Chairman Steve Weiland said, “We are proud to become part of Open Solutions and share its vision of revolutionizing the financial services sector through innovative technology, products, and services. This is a great opportunity for our employees as well as our clients.”
About The Weiland Financial Group
The Weiland Financial Group, Inc. (“WFG”) is the leading provider of bank account management and analysis solutions for corporations and financial institutions. Used by banks and corporate treasury departments, WFG’s software suites allow customers to process, generate, and analyze electronic and paper account analysis billing statements for maximum revenue impact. WFG’s three flagship product suites are Commercial Account Analysis (CAA), Bank Relationship Manager Edge (BRMEdge), and Bank Administrator Web (BAWeb). Used by many of the leading domestic and multinational companies across a wide range of industries, WFG’s software has been recognized as “Best in Breed” by Business Finance Magazine for eight years straight and two WFG customers have won Treasury & Risk Magazine’s Alexander Hamilton Award for their use of WFG software. Founded in 1981, WFG is headquartered in Bannockburn, Illinois, a suburb of Chicago. For more information about Weiland, please contact Peter Weiland, business development coordinator, WFG at pnw@weiland-wfg.com.
WFG was advised by Sparring Partners, a New York based investment bank.
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, technology services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally 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.
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 2010 Open Solutions Inc. All rights reserved.
Editor’s Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company. |
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