SAN FRANCISCO – November 14, 2007 – Advent Software, Inc. (NASDAQ: ADVS), the leading provider of software and solutions for the global investment management industry, today announced that Advent® Custodial Data (ACD), Advent’s leading solution for managing and reconciling portfolio information, has earned world-class client satisfaction and loyalty scores according to Satmetrix Systems, Inc.
ACD uses direct-feed interfaces to consolidate account level information from more than 470 custodial sources for reconciliation and posting into Advent’s portfolio management, accounting and reporting systems, Advent Portfolio Exchange®, Geneva® and Axys®. Over 2,600 Advent clients subscribe to ACD with an average of seven interfaces per client. ACD enables firms to efficiently retrieve and reconcile accounts through a single, standard, Advent-supported solution. With efficient reconciliation, firms can maintain accurate cash and securities balances, reduce settlement risk, produce client statements earlier and ensure compliant trading. In addition, they can cost effectively grow their business, with the flexibility to add new accounts or to establish relationships with new custodians.
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 Net Promoter® Score (NPS), an industry-standard client loyalty metric. According to Satmetrix, ACD received an NPS exceeding the industry average. Client feedback was based on responses from Advent customers regarding their experiences using ACD, including factors such as the likelihood of recommending, overall satisfaction, ease of use, upgrade experience and solution cost. In a similar internal survey that Advent conducted of its ACD clients, Advent achieved similarly high scores.
"We consistently hear feedback from customers about how ACD is enabling consistent business processes across their organizations and improving productivity in numerous ways,” said George McLaughlin, Director of STP at Advent. "Dedication to customer satisfaction is a cornerstone of every aspect of our business, from product development to customer support; the results of the survey validate our high levels of customer satisfaction, and further demonstrate our leadership in the market."
“Receiving data from our many custodians via ACD has significantly reduced our time spent on data entry and manual reconciliation work, freeing up personnel to be more proactive in client relationship management,” said Dr. Sonia Rosenbaum, Managing Director, Newgate Capital Management LLC. “ACD has greatly increased our accuracy and efficiency, and the coverage across custodians is tremendous.”
About Advent® Custodial Data
Advent® Custodial Data (ACD) is a service that electronically collects, consolidates, and delivers custodial data to Advent clients. By consolidating account level information from more than 470 custodians for reconciliation and posting into Advent’s Portfolio Management & Reporting modules, ACD delivers standardized transaction data across multiple custodians, reduces bookkeeping errors, and dramatically accelerates time to reporting/billing.
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, Axys and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners. Net Promoter and NPS Net Promoter Score are registered trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld.
Advent Software, Inc.