Web host and integrated enabling financial technologies firm, Open Solutions Inc., has partnered with Securian Financial
Group, as it acquires subsidiary, IA Systems, Inc., to offer Open Solutions clients with an integrated suite of financial
security and loan origination services.
Securian Financial Group will provide additional insurance-related products and services, as well as an integrated suite of
technology solutions and services. As part of this alliance, Open Solutions is acquiring Securian’s subsidiary IA Systems,
Inc., and the StreamLend Velocity and StreamLend product line.
Louis Hernandez, Jr., Chairman and CEO of Open Solutions commented, ‘’We are truly excited about our new strategic alliance
with Securian and our acquisition of IA Systems. Our companies have similar cultures and are dedicated to offering the
financial services marketplace more products and services to meet their needs. We share Securian’s and IA Systems’ view on
the importance of client service and providing client-focused solutions. We believe that the very loyal client base of IA
Systems, combined with our enabling technology, will result in a very strong partnership.'’
Both Open Solutions and Securian work with a variety of providers to package insurance products and related technology for
the financial services industry. Their strategic alliance will allow the two companies to integrate Securian’s insurance
related products into Open Solutions’ loan origination and relationship-based core data processing systems and the
distribution of Open Solutions’ systems by Securian. Securian’s product suite, which is either underwritten by one of
Securian’s affiliates or distributed by Allied Solutions, includes credit life insurance, credit disability insurance,
mortgage life insurance, mortgage disability insurance, GAP, MBP, CPI and debt cancellation.
Robert L. Senkler, Chairman, President and CEO of Securian Financial Group remarked, ‘’As a result of this transaction, IA
Systems and its clients will benefit from the strengths and opportunities inherent in a larger technology company including
increased scale and expanded client access. Securian will focus on its core business of manufacturing and distributing
insurance and loan protection products. The strategic alliance with Open Solutions strengthens our ability to provide
integrated insurance and technology solutions for our financial institution clients. That has been a winning strategy for
Securian.'’
Mike Nicastro, SVP and CMO of Open Solutions added, ‘’Open Solutions’ strategic alliance with Securian and acquisition of IA
Systems further highlights our commitment to provide our clients’ with best-of-breed solutions and increases our clients’
choices. Partnering with Securian allows us to offer our clients additional financial industry focused service and
complementary insurance offerings while our acquisition of IA Systems strengthens our existing loan origination offerings.'’
Christopher Cazer, President and CEO of IA Systems offered, ‘’We are excited to be joining the Open Solutions organization
and fully committed to continuing to enable lending technology solutions for our clients, including core systems, loan
origination software, insurance products and third-party relationships. We will continue to provide the highest caliber of
service and product support that our clients expect, and as part of the Open Solutions organization, we will be able to build
technology solutions for clients much more quickly.'’
The acquisition of IA Systems will add their consumer loan origination software, StreamLend Velocity, to Open Solutions’suite
of technology products and services for financial institutions throughout the world. StreamLend Velocity will enhance Open
Solutions’ position as a technology leader by complementing its existing loan origination software system offering. IA
clients are also anticipated to benefit by having full access to Open Solutions’ resources and growing technology offerings
and services.