Bisys ( BSG) completed the sale of its information services group to Open Solutions ( OPEN).

Bisys expects sale proceeds of about $470 million, subject to final working capital and other adjustments. Net proceeds after closing costs and the payment of taxes are expected to be about $300 million. It intends to use the sale proceeds to retire its convertible notes.

Total fiscal 2005 revenues for the company's information services group was about $212 million.

Bisys also expects to report a gain on the transaction in its third quarter fiscal 2006 financial results.

"The sale of the Information Services group will allow us to strategically refocus our efforts on growing the Investment Services and Insurance Services businesses, where we see the greatest opportunities arising for Bisys," the company said.

This story was created through a joint venture between TheStreet.com and IRIS.

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