San Francisco, July 24, 2002 - Advent Software, Inc., (Nasdaq: ADVS) announces it is completing its acquisition of Techfi Corporation. Techfi is a privately held software, technology and services provider to the financial intermediary market. Advent will purchase all outstanding stock of Techfi for approximately $23 million in cash.
Advent announced it had signed a definitive agreement to acquire Techfi on June 10. On June 17, Advent announced that the acquisition was being delayed pending the outcome of a preliminary investigation by Department of Justice Antitrust Division, which has now been terminated. “We believed from the start that the combination of Advent and Techfi would be extremely beneficial to our combined customers and our companies. We look forward to moving ahead with our plans to integrate our companies and expand our offerings to the financial planning and independent broker/dealer marketplaces,” said Peter Caswell, President and Chief Executive Officer of Advent Software.
Advent expects to take a one-time write-off for in-process research and development of approximately $2 million during the third quarter, related to the acquisition.
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, data warehousing, 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, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. These risks and uncertainties include 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, challenges assimilating Techfi and other acquired entities, 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 by visiting Advent's Investor Relations website at http://www.advent.com. Actual results may differ materially.
Irv H. Lichtenwald - CFO
Robin Goodstein – Inv Relations
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107