Open Solutions, Inc.
455 Winding Brook Dr.
From its 1992 start as a small software development firm located in a shopping center next to a dentist’s office, to its current position as a leader in the financial software industry, Open Solutions, Inc. has grown steadily and purposefully. When CI first invested in Open Solutions, there were 24 employees and no revenues. Though small compared to industry standards the company could compete on innovation and leadership and focused on executing well, every day. These qualities were important to Connecticut Innovations and primary factors when considering whether to invest in OSI.
Today the company employs 2,100 people, 514 of whom are in Connecticut, and has more than 5,800 clients worldwide. Open Solutions provides state-of-the-art, industry specific critical technologies to financial services companies across the globe to strengthen relationships, improve productivity, increase revenue and reduce costs for clients.
Connecticut Innovations made an initial investment of $500,000 in 1995 and followed that up with another $3.7 million in subsequent years, leading up to the company’s successful initial public offering in 2003. Prior to the offering, CI’s investments had helped the company raise $42.2 million from other investors. Its IPO raised $86.5 million allowing Open Solutions to implement a strategic growth and acquisition plan and expand its client base across the globe.
In 2007, two private equity firms took Open Solutions private. The Carlyle Group and Providence Equity Partners bought the firm for $1.3 billion.