Advent Partnership with Paladyne Creates Expanded Market Opportunities for Geneva®
Paladyne Implements Five New Firms on Geneva® via its Hosted ASP Platform
SAN FRANCISCO and NEW YORK, NY – August 23, 2006 – Advent Software, Inc. (NASDAQ:ADVS), the leading provider of software and services to the investment management industry, and Paladyne Systems, a leading provider of alternative investment solutions, today announced the continued success of their strategic alliance to offer Advent’s Geneva® software as part of Paladyne’s hosted application service provider (ASP) environment to hedge funds, fund administrators, and prime brokers. Since announcing the relationship in November of 2005, Advent and Paladyne have fully integrated Geneva® with the rest of the Palaydne’s ASP offering and Paladyne is now servicing five new firms on Geneva® in a fully-hosted ASP model.
Geneva®’s innovative and powerful “main memory” database system with flexible real-time reporting, automated error-correction, and complete general ledger and financial reporting is capable of servicing hedge funds of any size and complexity. Offering Geneva® through Paladyne’s hosted ASP environment expands the market opportunity for Geneva® to firms who prefer to outsource their technology infrastructure, and to small- and medium-sized hedge funds that require a lower cost option or are transitioning from single to multi-prime broker relationships.
“As a result of our successful partnership with Paladyne, Advent has seen increased interest in Geneva® across a wider potential user base where the total cost of Geneva® ownership would have been too high,” said Robert O’Boyle, Vice President of Product Management for Global Accounts at Advent. “With Paladyne’s ASP model, we can now offer Geneva® with a full range of installation and support options. Paladyne is a strong strategic partner and we look forward to expanding our client base through this relationship.”
The Paladyne offering not only includes a Geneva® ASP solution, but also provides an integrated global security master, data warehouse and custom reporting toolset, and CRM application, all of which are available in the ASP environment or may be implemented as individual modules on-site for larger hedge funds or fund administrators.
“By integrating Geneva® with our existing software product suite, Paladyne has created a unique front- to back-office ASP offering, as well as a valuable toolset for hedge funds and service providers,” said Sameer Shalaby, CEO of Paladyne Systems. “Since entering into our relationship with Advent, we have grown both our ASP and direct install client bases, and many of our clients have significantly improved their operations by leveraging the power of our integrated Paladyne-Geneva® offering.”
Several hedge fund administrators are experiencing greater market acceptance by using Geneva® in Paladyne’s ASP environment to service existing customers and to grow their businesses. “The Paladyne model is truly revolutionary and has broad market appeal and acceptance as an all-round industry solution,” said Shankar Iyer, CEO of Viteos Capital Market Services. “In particular, the platform is well suited to hedge fund clients that require multi-prime brokers and comprehensive technology to handle a wide range of investment products, destinations, and emerging markets.”
“By leveraging Paladyne’s ASP environment and Geneva®’s best-in-class functionality, Dundee Leeds is successfully competing against the leading fund administrators,” said Robin Bedford, President of Dundee Leeds Management Services Ltd. “Today we offer our clients direct access to Paladyne’s front-office tools which provides valuable infrastructure to our clients, and effectively integrates the fund’s front office with our middle- and back-office operations.”
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 more than 60 countries are using Advent technology to manage investments totaling more than US $12 trillion. Advent's quality software, data and services enable financial professionals to improve service and communication to their clients, helping them grow their business while controlling costs. Advent is the only financial services company to be awarded the Support Center Practices certification for being a world-class support organization.
Advent and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
ABOUT PALADYNE SYSTEMS
Paladyne Systems, (www.paladynesys.com
) a leading solutions provider for the hedge fund industry, develops and distributes integrated front- to-back-office technology either in a fully hosted ASP model or as individual modules available for direct installation at the client site. The PALADYNE™ product suite is an integrated set of applications designed to streamline hedge fund operations by providing business efficiency and cost savings throughout the organization. Paladyne was formed through an acquisition of its technology platform from a large US-based multi-strategy hedge fund.
In addition to Geneva®, Paladyne offers:
- Paladyne Portfolio Master™ – provides order management and allocation, portfolio management, real-time P&L, and strategy-based performance tracking.
- Paladyne Portfolio Analytics™ – provides portfolio analytics, data aggregation, and custom reporting tools.
- Paladyne Security Master™ – provides a centralized terms and conditions repository and distribution engine with real-time updates and corporate action alerts.
- Paladyne Price Master™ – provides automated collection, storage, and analysis of prices and market data from any third-party sources.
- Paladyne Client Master™ – provides complete client relationship management including website integration and reporting.
Advent Software, Media
Tel: (415) 645-1853
Paladyne Systems, Sales
Lisa Jane O’Neil
Paladyne Systems, Media
Tel (646) 432 3330