Advent Announces Acquisition of Techfi Corporation

Advent Announces Acquisition of Techfi Corporation

San Francisco, CA, June 10, 2002 - Advent Software, Inc.(Nasdaq: ADVS) today announced it has signed a definitive agreement to acquire privately held Techfi Corporation, a software, technology and services provider to the financial intermediary market. Advent will purchase all outstanding stock of Techfi for approximately $23 million in cash. Techfi’s employees from its Denver, CO facilities will join Advent. The transaction is expected to close in the next few days.

Techfi’s principal products, AdvisorMart® and Financial Office, are used by financial services firms primarily focused on investing in mutual funds, annuities and some equities, for online account aggregation, portfolio management and client management.

“With the breadth of solutions Advent brings to the table, we can now offer our nearly 500 clients and our prospective clients a host of solutions, such as Advent’s wealth management solutions WealthLine™ and Advent TrustedNetwork®,” said Matt Abar, Chief Executive Officer of Techfi. “We are also looking forward to taking advantage of Advent’s significant operational, technical, client services and distribution and sales scalability. It is a great strategic fit for our two companies, and for our clients and prospects.”

“In keeping with our strategy to consistently add products and services that meet the needs of a wide variety of sectors in the financial services industry, we’re extremely pleased to add the capability that Techfi brings particularly in the financial planning and independent broker/dealer areas,” said Collin Cohen, Executive Vice President of Advent. “The combination of their great team of employees and their sophisticated software with Advent’s wide array of products and services and support infrastructure makes this a terrific event for both of our companies, and all of our clients and prospects.”

Advent will be hosting a conference call to discuss this acquisition at 4:15 Eastern Time today, Monday, June 10, 2002. The number to dial-in will be 877-692-2137 or 973-628-9554. If you are unable to listen to the call at this time, a replay will be available through June 17, 2002 by calling 877-519-4471 or 973-341-3080, pass code 3328654.


Advent Software, Inc. has been providing trusted solutions to the worlds’ leading professional money managers since 1983. Advent’s quality software, data, services and tools enable managers to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent Office®, the industry’s first and only Enterprise Investment Management solution, enables investment firms to build a truly client-centric organization. Advent Office is a suite of complementary products used to automate the entire range of investment management functions, including portfolio management, client relationship management, trade order management, datawarehousing, partnership accounting, reconciliation management, and web-based portfolio, performance and analytic reporting. Advent has licensed its products to more than 6,500 financial institutions in 55 countries for use by more than 60,000 concurrent users. The company’s common stock is traded on the Nasdaq National Market under the symbol ADVS.

The forward looking statements included in this press release, and in particular the Company’s statements about the effect of this acquisition on its future business, which reflect management’s best judgment based on factors currently known, involve risks and uncertainties including the integration of the acquisition, challenges assimilating Techfi and other acquired entities, potential fluctuations in results and future growth rates, the successful development and market acceptance of new products and product enhancements, fluctuations in the financial markets, the consequences of the recent terrorist attacks, and other risks detailed from time to time in the company’s SEC reports, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Advent Software’s Investor Relations Department at 415-645-1243 or the Investor Relations page of Advent’s website at Actual results may differ materially.

Irv Lichtenwald, Robin Goodstein
Advent Software
301 Brannan Street
San Francisco  CA  94107