BISYS Group Inc. says it has implemented plans to sell its information services operation to Open Solutions Inc.
BISYS, Roseland, N.J., announced in September 2005 that it had agreed to sell the information services business to Open Solutions, Glastonbury, Conn., for $470 million in cash.
The BISYS information services unit provides technology services and business services to banks.
Open Solutions sells computer services to banks and credit unions.
BISYS says it will use net proceeds of about $300 million from the deal to retire convertible notes.
BISYS adds that it and Open Solutions have set up a transition services agreement designed to ease the transition of the information services business to Open Solutions.