Providence, Carlyle Exit Struggling Bank Technology Company: Updated

Target: Open Solutions Inc.

Price: $1.015 billion

Sponsors: Providence Equity Partners Inc., The Carlyle Group

Buyer: Fiserv Inc.


Perhaps Providence Equity Partners Inc. and The Carlyle Group LP did well to get out before things got worse for portfolio company Open Solutions Inc. The buyout firms sold the beleagured bank-tech vendor on Monday to one of the industry’s leaders, Fiserv Inc., in a $1.015 billion deal.

Providence Equity and Carlyle took Open Solutions private in January 2007 for $1.3 billion, or $38 a share. Fiserv said in announcing its acquisition on Monday that it paid $55 million to buy the company and assumed $960 million of ...

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