May 20, 2003

FOR IMMEDIATE RELEASE

Open Solutions Announces 33 Percent Revenue Growth, Positive Cash Earnings from Operations and Positive Net Income in First Quarter 2003

Financial Services Technology Company Continues Breakthrough Performance-

GLASTONBURY, Conn., May 20, 2003 - Open Solutions Inc.® (OSI), a provider of integrated enabling technologies, including enterprise core data processing, CRM/business intelligence tools, financial accounting, Internet-based e-financial solutions, imaging and other delivery systems for financial institutions, announced another breakthrough quarter. Open Solutions' first quarter revenues represented a 33 percent revenue growth over the same period of 2002. In addition, Open Solutions once again recorded positive cash earnings from operations (EBITDA) and net income for the quarter. This follows record year 2002 revenues of $44.4 million.

"Open Solutions continues to perform exceedingly well in the face of a very challenging economic environment," said Open Solutions Chairman and CEO, Louis Hernandez, Jr. "Our company's strong first quarter continues to challenge the current trend in the industry, and we continue to see strong sales activity, financial momentum and a very strong pipeline. Industry response to our full suite of market-driven technology products, service and innovative client-focused solutions continues to be impressive. Our mission remains to continually provide the financial services market place with the types of innovative solutions that enable financial institutions to provide superior service and better compete in a rapidly changing environment."

During the first quarter of 2003, Open Solutions signed 58 new agreements across all its business units (which also include Sound Software, e-Solutions, fti/Financial Technologies and imagic Systems.) It broadened its technology offerings through the launch of new products, system features and services and expanded its professional services offerings. Additionally, the company announced the availability of version 4.5 of its comprehensive Internet banking and cash management solution, e-Commerce Banker(tm).

Open Solutions' Technology Outsourcing Center also continued to thrive, add additional clients and offer core, Internet-based products and other delivery services in an outsourcing mode. Additionally, the company remained focus on providing superior client service and training. Other notable events during the quarter included the signing of new clients, long-term renewals of existing clients and the completion of several installations across all business lines. In the first quarter of 2003, the company announced the completion of the highly successful core data processing implementation for the $4.5 billion asset Boeing Employees' Credit Union (BECU) which was part of the largest technology conversion in credit union history.

"Open Solutions' continued success quarter after quarter and our remarkable growth in the marketplace is a direct reflection of the company's business model and the dedication of our employees," Hernandez said. "Our first quarter results clearly illustrate Open Solutions' capacity for creativity and innovation when it comes to developing, implementing, supporting and delivering market-focused solutions. Based on the momentum we continue to build, the quality of our new client wins, prospect pipeline, our contractually committed backlog being at an all time high, and our overall product offerings, Open Solutions is well positioned to achieve our goals for the year."

 

About Open Solutions
Open Solutions Inc. (OSI) offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(r) relational database, with Internet banking, cash management, electronic commerce, CRM/business intelligence, financial accounting tools, imaging and loan origination solutions. OSI's full suite of products and services allows banks, savings institutions 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, contact

Mickey Goldwasser
Phone: 860.652.3153
fax: 860.652.3156
mgoldwasser@opensolutions.com

www.opensolutions.com