Wisconsin's Fiserv Inc. is paying $55 million and taking on $960 million in debt to acquire Glastonbury banking technology firm Open Solutions.
Fiserv, which provides check-processing and cash-machine services, said it made the acquisition to add several new technologies to its offerings, including 21-year-old Open Solutions' real-time, open technology account processing platform.
Open Solutions serves more than 3,300 clients worldwide, including more than 800 account processing clients. The company has about $400 million in annual revenue and employs about 1,500 people across the country.
The total deal, which was completed Monday, is valued at just over $1 billion.
"Joining Fiserv provides us with significant resources that will benefit our clients and increase market momentum," said Louis Hernandez, Jr., chairman and chief executive officer of Open Solutions.
Fiserv said it expects the acquisition to add at least $75 million in annual revenue and lead to $50 million in cost savings over the next few years.