Advent Adds Record Number of Geneva® Clients in Second Quarter
Momentum Continues to Build Behind Geneva®; Company Signs 15 New Contracts Globally
SAN FRANCISCO – July 26, 2007 – Advent Software, Inc. (NASDAQ: ADVS), the leading provider of software and services to the investment management industry, today announced that a record 15 new customers selected Geneva® in the second quarter of 2007. Geneva® is Advent’s industry-leading accounting platform for complex investment strategies and instruments, used by institutional asset managers, hedge funds, fund administrators and prime brokers.
Advent signed the 15 agreements with a wide range of investment management firms in the U.S. and EMEA region. The customers include several hedge funds, one of which is a top 100 hedge fund worldwide, a fund administrator, and two asset managers. Five of the clients also purchased Advent’s investor management and accounting solution, Advent Partner®, which is fully integrated with Geneva®.
“We are seeing an increasing number of businesses strategically investing in technology to maximize investment opportunities, increase productivity and enable business growth,” said Stephanie DiMarco, Chief Executive Officer and founder of Advent. "With an additional 15 customers choosing Geneva® in the second quarter, and the launch of Geneva® 7.0 this fall, Geneva® continues to extend its leadership and be the system of choice in this market.”
“As a leading system for the alternative investment space, Geneva® offers broad instrument coverage and meets our requirements for increasing our operational efficiency,” said Paul Stapleton, Controller, Kayne Anderson Capital Advisors, L.P. “We believe Geneva® is the ideal fit for Kayne Anderson because of its flexible and robust platform. We are pleased to have a proven solution that is trusted and recommended by investment managers globally.”
"The excellent momentum we are experiencing with Geneva® is a reflection of the product’s leading functionality, scalability and reliability; and Geneva® 7.0 will offer a completely redesigned user experience and new reporting platform for easier, faster access to critical information for both the front and back offices. Many of the largest financial institutions in the world rely on Geneva® to run mission-critical areas of their business,” concluded DiMarco.
With more than 100 clients worldwide, Geneva® customers include seven of the top ten global prime brokers, eight of the top ten fund administrators, 15 of the largest hedge funds, and many of the world’s largest and most prestigious financial institutions.
Geneva®, a global investment management and accounting platform, is a proven solution for asset managers, hedge funds, fund administrators, prime brokers, and mutual funds that require a high level of operational efficiency and easy access to real time data. Geneva® offers comprehensive instrument coverage, full financial general ledger, and industry-standard integration tools that enable firms to manage complex investment vehicles, multiple investment strategies, and tiered fund structures.
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.
Advent, Geneva and Advent Partner 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 of existing products, market acceptance of new products, 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
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