On March 10, 2005, Open Solutions Inc. (NASDAQ:OPEN), a provider of integrated data processing technologies for banks and credit unions, and CGI Group Inc. (CGI) (NYSE: GIB; TSX: GIB.SV.A), among the largest independent information technology and business process services firms, announced that they had signed an asset purchase agreement under which Open Solutions acquired CGI's US Services to Credit Unions business unit and its CyberSuite product line.

CGI's US Services to Credit Unions is a provider of core processing for approximately 180 credit unions in the United States. The unit also provides additional services such as loan origination and Web hosting solutions for credit unions. Under the terms of the agreement, Open Solutions acquired CGI's US Services to Credit Unions for approximately US$24 million in cash. Open Solutions serves the financial services marketplace of banks and credit unions in North America with an emphasis on providing institutions with a distinct technological, service and competitive advantage. The US Services to Credit Unions Group serves the credit union marketplace and reported revenue of approximately US$16 million.

Jean-René Gauthier advised CGI in this transaction.