San Francisco, CA, and Zurich, Switzerland -- , December 12, 2001 - Advent Software, Inc. (Nasdaq: ADVS) announced today that it has acquired the independent distributors of Advent’s software, data and services in Denmark, Sweden and Norway, for approximately US $12 million. The purchase of Advent’s Scandinavian distributors culminates Advent’s two-year effort to help support the organizations while they developed and established themselves in their local markets. Advent has similar relationships with additional independent distributors in Switzerland, the United Kingdom, the Netherlands, and Greece. Collectively, the European business is known as Advent Europe.
“We are very excited about this next step in Advent’s evolution into European markets. The Scandinavian team has done a terrific job of introducing Advent solutions to the European marketplace, has demonstrated a strong ability to meet the specific demands of clients in their local market, and has built an attractively profitable business,” said Irv Lichtenwald, Chief Financial Officer of Advent Software. Major Scandinavian clients include Jyske Bank in Denmark, Acta in Norway, and Skandinaviska Enskilda Banken AB in Sweden.
“Because of the strong product offering and continual support we have received from Advent Software since the beginning of our relationship, we’ve been able to fully concentrate our attention on building a successful business in Scandinavia,” said Torbjørn Tenmann, Chief Executive Officer of Advent Europe. “Advent’s solutions are in demand in Europe and we look forward to further growing Advent’s European presence.”
About Advent Europe
Established in 1999, Advent Europe is a Pan European provider of investment management technology solutions. Advent Europe has operations in Switzerland, the United Kingdom, the Netherlands, Luxembourg, Belgium, Denmark, Norway, Sweden and Greece. Advent Europe is headquartered in Zurich, Switzerland.
Advent Software, Inc. has been providing trusted solutions to the worlds’ leading professional money managers since 1983. Firms in 45 countries use Advent technology to manage investments totaling more than US $5 trillion. 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’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, challenges assimilating acquired entities, 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 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