Advent Acquires East Circle Solutions
SAN FRANCISCO, Feb. 1: Advent Software, Inc. (NASDAQ:ADVS), the leading provider of software and solutions for the investment management industry, announced today that the Company, in a cash transaction, has acquired East Circle Solutions, a New York-based company that develops software to automate the billing process for investment management organizations.
"Many firms create billing structures to meet the specific needs of individual clients, but managing these multiple structures is often a manual process and can cause significant overhead in calculating, confirming, and tracking bills," said Stephanie DiMarco, Advent's Chief Executive Officer.
"The East Circle solution automates complex billing processes from fee creation to accounts receivable, which not only reduces errors but can improve management insight into a firm's revenue base," continued DiMarco. "Advent has a long and successful track record of automating mission-critical processes for more than 4,500 clients, so this innovative solution for billing and revenue management is a natural extension of our core functionality."
Advent plans to introduce a new version of the product, which will integrate seamlessly with both Advent Portfolio Exchange(R) and Axys(R), in the first half of 2007.
About Advent
Advent Software, Inc. ( www.advent.com ), a multi-national firm, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in 60 countries use Advent technology and manage investments totaling nearly US $14 trillion. Advent's quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Support Center Practices certification for being a world-class support organization.
Source: Advent Software, Inc.
CONTACT: media, Katherine Calvert, +1-415-645-1853, or kcalvert@advent.com, or sales, Michele Holton, +1-415-645-1347, or mholton@advent.com, both of Advent Software
