August 6 , 2002


Open Solutions Continues Strong Performance in Second Quarter 2002

Financial Services Provider Delivers Another Record Quarter

GLASTONBURY, Conn., Open Solutions Inc. (OSI), a provider of integrated enabling technologies including enterprise core data processing, financial accounting, Internet-based financial solutions, imaging and other delivery systems for community banks, savings institutions and credit unions, announced another record quarter. Open Solutions’ second quarter of 2002 revenues increased by 78 percent over the second quarter of 2001, while year-to- date revenues increased by 81 percent over the same period in 2001. Contributing to this quarter’s strong performance has been the company’s continued new sales, diversified revenue streams, cross-selling of additional products and services, new product offerings and expanded services, as well as a large number of long-term client renewals.

"Open Solutions continues to perform at record levels in the face of a highly competitive landscape and evolutionary changes in the overall economic environment," said Louis Hernandez, Jr., Open Solutions’ Chairman & CEO. "Our team has done an excellent job of differentiating our company and product offerings in the marketplace and delivering superior service, value and industry-focused solutions to our clients. We continue to see strong overall growth in our business and, as a whole, industry response to our enabling product offerings and vision of revolutionizing the financial services sector through innovative client-focused solutions and service continues to be impressive."

During the second quarter of 2002, Open Solutions celebrated the company’s 10 th year in business. According to OSI, this anniversary marked ten years of continuous growth, exceptional client service and providing leading edge technology solutions with an emphasis on the development of industry-focused products and services that enable financial institutions to efficiently provide better service and out pace the competition.

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 Contact:

Marvin (Mickey) Goldwasser
Open Solutions Inc.