SAN FRANCISCO – October 24, 2007 – Advent Software, Inc., (NASDAQ: ADVS), the leading provider of software and solutions for the global investment management industry, today announced strong momentum behind Advent Portfolio Exchange® (APX). Demonstrating a continued rise in customer satisfaction, APX saw an acceleration in customer growth, including a 68 percent increase in signed contracts year to date. APX also achieved world-class client satisfaction scores, according to a recent survey of its user base.
APX is Advent’s next generation portfolio management solution offering a powerful platform that brings together mission-critical portfolio and client data for improved portfolio management, performance reporting and client relationship management.
APX Customer Momentum
Advent added 26 new APX customers in the third quarter, tying the previous record for new customers in a quarter. Year to date, the number of APX customers signed has increased 68 percent over the previous year; since the product was launched in late 2005, APX has signed 146 client contracts globally. The 146 APX clients include a wide range of investment management firms, including asset managers, family offices, trusts, broker dealers and hedge funds in the U.S. and EMEA region, managing assets from $300 million to more than $30 billion.
“We have been an Advent client for nearly ten years and made the decision to upgrade to APX from Axys® for both operational and technical reasons - we wanted to take advantage of the system’s advanced user security and audit features and its highly scalable SQL platform,” said Rich Moreschi, Director, Securities Operations, AEW Capital Management. “The migration to APX was seamless, and we are extremely pleased with the significant enhancements and benefits that APX offers; the gains in efficiency and security are outstanding. Advent has been a great partner to AEW, and we see the partnership continuing for many years to come.”
World-Class Satisfaction Scores from APX Clients
APX earned an industry-leading Net Promoter® Score (NPS), according to Satmetrix Systems, Inc. Satmetrix is the leading global provider of on-demand software and consulting services to measurably improve customer loyalty and is the co-developer of the NPS, an industry-standard client loyalty metric.
According to the survey, Advent clients gave APX exceptional marks, and the product received an NPS greatly exceeding the industry average. The score was based on responses from Advent customers regarding their experiences using APX, including such factors as overall satisfaction, ease of use, upgrade experience and solution cost.
“The client satisfaction results and the sales momentum we have seen behind APX in recent months offer exciting proof that Advent is optimizing the client experience while driving revenue growth through customer loyalty,” said Susan Lundquist, Vice President, Product Marketing at Advent. “We are acquiring new APX customers faster than ever, and the strong client response verifies that Advent is doing the right things to keep our customers happy.”
About Advent Portfolio Exchange®
Advent Portfolio Exchange® (APX) is Advent’s next generation in portfolio management technology that fully integrates the front office functions of client relationship management (CRM) and performance analysis with the back office operations of portfolio accounting and reporting. This enterprise solution leverages a single SQL database to deliver critical client information via an easy-to-use browser-based user interface. APX delivers improved client service with enhanced security for today’s amplified compliance environment.
Advent Software, Inc. (www.advent.com), a multi-national firm, has provided 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 Service Capability and Performance certification for being a world-class support organization.
Advent, Advent Portfolio Exchange and Axys are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Any forward-looking statements included in this press release involve risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include continued sales and market acceptance of APX, the impact of initiatives by competitors and other risks detailed in Advent’s most recent filings with the Securities and Exchange Commission, including, but not limited to, its quarterly reports on Form 10-Q and its 2006 annual report on Form 10-K/A, copies of which may be obtained by contacting Advent Software at (415) 645-1787 or by visiting Advent’s Investor Relations Web site at www.advent.com.
Advent Software, Inc.