SAN FRANCISCO – June 6, 2012 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced the one-year anniversary of its acquisition of Black Diamond, the leading provider of web-based, outsourced portfolio management and reporting platforms for independent advisors. Since the acquisition, Advent has fueled the ongoing development of Black Diamond’s platform and service offering, strengthened leadership with strategic hires and established an integrated sales and solutions consulting team to work with current and prospective clients on their future technology needs.
“Over the last year, Black Diamond and Advent have focused on bringing our organizational strengths together to continue to serve our clients with the best possible solutions for their businesses,” said Reed Colley, Senior Vice President and General Manager, Black Diamond. “A year ago, our clients told us they wanted to see us continue to innovate and to keep delivering personalized service, and we’ve been excited about our ability to execute on that charter as a combined entity. The infusions of industry expertise, resources and talent that come from working together as Advent have enabled us to accelerate our growth and product development. We plan to continue to add fuel to our engine and have so many exciting opportunities ahead to help our clients in even more powerful ways. I personally look forward to, and am humbled by, the opportunity to continue helping advisors on their path to greatness.”
“The addition of Black Diamond’s people and award-winning solution to the Advent family has been a terrific win for us as a company and for the industry we serve” noted Pete Hess, President, Advent Software. "Through the acquisition, both companies are able to provide stronger, better solutions for advisors. I’m proud of the work we’ve done and look forward to the things we will accomplish together in the future.”
Continuing to Innovate and Deliver Value to Advisors
Black Diamond has continued to enhance the capabilities of its platform and value for clients through ongoing innovation. In the past year, Black Diamond has developed a native rebalancing solution that integrates seamlessly with the core Black Diamond portfolio management and reporting platform. The rebalancing solution is currently in beta with over 50 Black Diamond clients and is expected to be generally available to additional advisors in mid-2012. Additionally, new, comprehensive alternative investment reporting capabilities within the platform enable advisors who invest in dynamic, outside holdings to use Black Diamond for the managing and reporting of these investments and integrating reporting of those assets alongside traditional assets held at major custodians. Black Diamond has also begun to leverage Advent capabilities in data access and management including, most notably, Advent Custodial Data (ACD) which, we expect to dramatically expand Black Diamond’s direct access to thousands of financial institutions.
Investment In Black Diamond Leadership Team
Since the acquisition, Black Diamond has added numerous positions to product development and client services, and has further strengthened the leadership team with key executive appointments and new hires.
Reed Colley continues in his role as Senior Vice President and General Manager of Black Diamond, setting the strategic direction for Advent’s support of the advisory market and will now be based in Advent’s San Francisco headquarters.
Dave Welling has expanded his role at Black Diamond and currently acts as Vice President responsible for Sales, Marketing, Product and Client Services. In this role, Welling oversees product strategy, service, operations and multiple strategic initiatives for the Black Diamond Advisory business group.
In November 2011, Cathy Clauson, formerly Vice President of Business Integration for Schwab Advisor Services, joined Advent as Vice President of Sales and Strategic Relationships for Black Diamond. Clauson spearheads the core sales team, which focuses on advisory firms with less than $300 million under management and manages Black Diamond’s strategic relationships including industry partners such as custodians and Black Diamond key client relationships.
Mike Golaszewski, Senior Director brings more than 20 years of experience in financial services to Advent and joined the Black Diamond leadership team in May. Golaszewski is responsible for Black Diamond’s Product Management and Strategy functions, including New Product Development. Prior to joining Advent, Golaszewski managed Schwab’s Client Reporting and Portfolio Accounting offerings for advisors as well as Schwab’s Advisor Center website.
To accelerate Black Diamond’s mission to deliver high quality data and client service, Steve Leivent joined Black Diamond’s leadership team and oversees teams responsible for operations and product implementation. Leivent, a 14-year Advent veteran, also continues to lead the Advent OnDemand® Service offering.
In addition to strategic leadership hires Black Diamond has significantly added to the service, implementation, operations and product development teams with over 30 new additions to the team in the last year. “As a firm that provides both technology and outsourced service to our clients, we are incredibly focused on continuing to build, refine and grow the team that works with advisors every day,” said Dave Welling, Black Diamond. “We approach each and every one of our client relationships as an opportunity to build a unique partnership and with the backing of Advent we’ve been able to invest in our team as well as our platform.”
Integrated Black Diamond and Advent Sales Team
Another strategic development is the integration of the Advent and Black Diamond sales teams to create a combined force of sales representatives and supporting service consultants.
At the beginning of 2012, Advent and Black Diamond integrated their sales teams based on the desire to consistently and objectively recommend the right future technology direction to current and future clients.
Our sales people are trained on multiple products and are well positioned to work with clients to identify each client’s unique needs and recommend products and solutions that are purpose-built to support the requirements of their business.
“Prior to the acquisition of Black Diamond, many advisors found themselves narrowing their choice to either APX or Black Diamond and often were unsure of which direction to go,” adds Welling. “The new sales and client support structure enables us to recommend the absolute best technology path for each prospective client, based on their business goals and objectives.”
About Black Diamond
An independent business unit within Advent, Black Diamond supports and cultivates advisor greatness by providing the best combination of technology, service and innovation in the industry. Black Diamond’s portfolio management and reporting platform is purpose-built to meet the evolving needs of advisory firms. Black Diamond currently provides technology and service to over 300 advisory firms who manage over $110 billion in assets on the platform. For more information about Black Diamond products visit http://www.advent.com/solutions/by-product/black-diamond.
Advent Software, Inc., a global firm, has provided trusted solutions to the world’s financial professionals since 1983. Firms in more than 60 countries count on Advent technology to run their mission-critical operations. 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 operational risks and costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
Advent, the Advent logo, Advent Software, Advent Portfolio Exchange, Axys, and Advent OnDemand are registered marks of, and Advent Custodial Data is a mark 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 presentation, such as statements regarding strategies or plans of management for future operations, technology developments, and anticipated products, services, enhancements or availability and features thereof, involve assumptions, risks and uncertainties that could cause actual results to differ materially from our expectations. These risks, uncertainties and assumptions include continued sales of existing products and services, the successful development, timing, anticipated features, functionality, benefits and market acceptance of new products, services and enhancements, the impact of initiatives by competitors, continued uncertainties and fluctuations in the financial markets and economic conditions 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 2011 annual report on Form 10-K, 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.
Any unreleased services or features referenced in this presentation or other public statements are not currently available and may not be delivered on time or at all. Customers who purchase Advent’s products or services should make their purchase decisions based upon features that are currently available. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any financial, product or other guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.