Complete Story
11/12/2009
Open Solutions Ranks As One of the Fastest Growing Companies in North America on Deloitte's 2009Technology Fast 500TM
Glastonbury, Conn., Nov. 12, 2009 - Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial services providers throughout the United States, Canada and other international markets, today announced that it has been ranked on the Technology Fast 500TM, Deloitte LLP's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the five-year period from 2004-2008. Open Solutions grew more than 302 percent during this period.
In nearly two decades, Open Solutions has significantly expanded beyond its beginnings in a Glastonbury, Conn. basement. In 2004, the company was the fifth largest core provider, and by the end of 2006, Open Solutions was the fastest-growing provider in the world. Open Solutions has continued to rapidly expand, initiating a four-part transformation in 2007 to position the company for the next 10 to 15 years.
"Since 2004, we have encountered significant change that has positioned us well for such excellent growth," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "This award is validation of our hard work to move the company through this transformation, and as a result, we are providing better service and quality products. The latest release of our core platform, DNA, has yielded significant adoption, and we plan to have our U.S. core clients running the new version by year-end. We aim to continuously improve and grow to help financial institutions not only navigate today's economic environment, but also prepare for the future of banking."
In addition to Deloitte's 2009 Technology Fast 500 ranking, Open Solutions was also included in the 2009 Inc. 5000, the second consecutive year the company has been recognized on the list for outstanding growth. The company expects even more growth during the remainder of 2009 and into 2010.
Technology Fast 500TM Selection and Qualifying Criteria
Technology Fast 500TM provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500TM website, and public company database research conducted by Deloitte LLP. Technology Fast 500TM award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Technology Fast 500TM recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.
Technology Fast 500TM award eligibility requirements include a base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, these revenues must have more than doubled between 2004 and 2008. Also, companies must be in business for a minimum of five years, and be headquartered within North America.
