May 13, 2002


Open Solutions Announces 86% Revenue Growth in First Quarter 2002

Financial Services Provider Continues Trend of Record Growth

GLASTONBURY, Conn., Open Solutions Inc.(r) (OSI), a provider of enabling technologies that include relational core account processing,Internet-based financial solutions, accounting and other delivery systems for community banks and credit unions, announced record first quarter 2002 revenues which represented a significant increase over the same period last year. For the quarter ended March 31, 2002, revenues increased by 86 percent over the first quarter of 2001. This follows record year 2001 revenues of $27 million.

"Open Solutions continues to exceed our performance targets and sustain our trend for record growth in a very competitive landscape," said Louis Hernandez, Jr., Open Solutions Chairman & CEO. "The primary drivers for Our growth continue to include the cross-selling of new products to existing clients, as well continued new service and software product sales as demonstrated by our new client wins, contract backlog and large number of long-term client renewals. Industry response to our full enabling product line and vision of continually providing client-focused solutions has been tremendous."

The Company continued to expand its technology product offerings through New product launches and the recent acquisition of the FTI Financial Technologies' General Ledger and Asset Management business from HNC Software. Open Solutions' client base now numbers over 1,500 banks and credit unions throughout the United States. During the first quarter of 2002, Open Solutions also hosted its annual Client Association User Group Conference in San Antonio, Texas and Garnered 75 percent participation. At this client conference, Open Solutions introduced its product enhancement schedule, showcased new product offerings, offered educational sessions and provided networking opportunities.

Other key events during the first quarter included the installation and signing of several new clients, as well as the signing of one of the largest core ASP outsourcing contracts with New Jersey based Boiling Springs Savings Bank with $1.1 billion in assets. In addition to OSI's successful in-house offering, OSI's ASP option for core processing and Internet-based solutions has met with exceptional market acceptance and Has proven highly popular. Open Solutions' strategic business units, Sound Software (loan origination technologies) and iMagic (imaging solutions), also maintained excellent sales momentum, increased market presence and added to Open Solutions' successful quarter. During the quarter, Open Solutions also successfully launched its OmniView Account Aggregation service by licensing the product to two Open Solutions clients - Rhode Island based Pawtucket Credit Union and People's State Bank of Wyalusing, Pennsylvania.

In the quarter, Open Solutions continued to attract talented and experienced leaders to its senior management team with the addition of industry veteran Carl Blandino, former CFO at Online Resources Corporation (NASDAQ: ORCC), as Vice President and Chief Financial Officer. "Overall, we are pleased with our continuing momentum and our ability to meet our strategic goals for the year," said Hernandez. "Through the use of technologies our clients are experiencing increased efficiencies, flexibility and providing better customer service. As a company, we are continuing our efforts to transform the financial services industry by providing the best in focused innovative technology products and services,and are looking forward to another breakthrough year."

About Open Solutions
Open Solutions Inc. offers a fully featured strategic product platform thatintegrates core data processing applications, built on a single centralized Oracle relational database, with financial accounting, Internet banking, cash management, electronic commerce, lending origination and imaging solutions. OSI's full suite of products and services allows banks and credit unions to better compete in today's aggressive financial services marketplace, expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line

Marvin (Mickey) Goldwasser
Open Solutions Inc.