SAN FRANCISCO, NEW YORK, NY, November 29, 2005 – Paladyne Systems, a leading provider of alternative investment solutions, and Advent Software, Inc. (NASDAQ: ADVS) today announced that the two companies have entered into an enterprise-wide hosting and administration agreement whereby Paladyne Systems will offer Advent’s Geneva® software, the industry’s premier global investment accounting and portfolio management software, in a hosted environment to hedge funds and fund administrators.
Paladyne Systems will integrate Geneva® into its PALADYNE™ suite, a fully-integrated front-to-back office solution developed specifically for the hedge fund industry. Paladyne will also offer Advent’s Workflow Manager module to its clients, to streamline all integration, reconciliation, and reporting processes between Geneva® and third-party applications.
Geneva® delivers the industry’s only “main memory” database system, offering more accurate and flexible reporting and eliminating batch processing and time-consuming error corrections. Geneva® also unifies the general ledger and portfolio sub-ledgers, for real-time reporting and seamless, automated reconciliation.
By offering Geneva® in a hosted environment, Paladyne provides a global portfolio accounting solution to firms that might not have the full IT capabilities to support the software in-house, or that simply prefer a hosted solution for their business. The integration of Paladyne’s existing product suite with Geneva® will streamline operations by significantly reducing costs and business risk, and will provide more timely information throughout the organization resulting in improved investment decision making.
“The PALADYNE suite is now complete with the addition of the Geneva® application. Hedge funds can leverage the PALADYNE suite to be up and running in a very short timeframe,” said Sameer Shalaby, Chief Executive Officer of Paladyne Systems. “As the industry’s most scalable and robust accounting solution, Geneva® offers the right platform to also support our administration and prime broker clients.”
“We’re very pleased that Paladyne selected Geneva® as its fund accounting platform to be delivered on an outsourced basis. With Paladyne, hedge funds now have the option of choosing Geneva® on a hosted basis, giving them access to a world-class technology infrastructure that until now was only available as an on-site installation. We feel this is a compelling value proposition,” said Peter Hess, Senior Vice President and General Manager for Advent’s Global Accounts business.
The PALADYNE suite is available as a hosted ASP platform and the PALADYNE products also may be installed locally at a customer site. With the addition of Geneva®, the integrated PALADYNE suite now includes:
Paladyne is currently servicing clients on its hosted technology platform and expects several clients to be using Geneva® in its hosted environment later this year.
ABOUT PALADYNE SYSTEMS
Paladyne Systems LLC, (www.paladynesys.com) a leading solutions provider for the hedge fund industry, develops and distributes technology designed to streamline hedge fund operations while providing business efficiency and cost savings throughout the organization. Paladyne offers an integrated technology platform know as the PALADYNE™ suite, which is capable of supporting the front- to back-office requirements of today’s most comprehensive hedge funds. The PALADYNE™ suite is an integrated set of applications including: order management, portfolio management, portfolio accounting, global security master, analytics toolset, comprehensive portfolio pricing, custom reporting, and customer relationship management. Paladyne was formed through an acquisition of its technology platform from a large US-based multi-strategy hedge fund.
Advent Software, Inc. (www.advent.com), a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in 50 countries using Advent technology manage investments totaling more than US $8 trillion. Advent's quality software, data and services enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
FORWARD LOOKING STATEMENTS
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 market acceptance of new products, the impact of initiatives by competitors, and other risks detailed in Advent’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, as amended, copies of which may be obtained by contacting Advent Software at 415-645-1787, or by visiting Advent’s Investor Relations website at www.advent.com.
ADVENT and GENEVA are registered trademarks of Advent Software, Inc. or its subsidiaries. All other company names or marks mentioned herein are those of their respective owners.