San Francisco, April 17, 2001 - Advent Software, Inc. (Nasdaq: ADVS) through its wholly owned subsidiary MicroEdge, Inc., has acquired NPO Solutions, a provider of integrated computer solutions for nonprofit organizations. NPO Solutions is a privately held company based in Loudon, New Hampshire. Advent paid approximately $6.5 million for all the shares of NPO Solutions. The acquisition closed April 16, 2001. The company expects the acquisition to be non-dilutive. NPO Solutions partners Michael J. Church, David Dietrich, and John Sestak, and all of the approximately 30 NPO employees, are expected to remain with Advent following the acquisition.
MicroEdge is the leading provider of grants management software and solutions for the philanthropic community. NPO Solutions is the premier provider of software solutions for community foundations. The two companies have a combined installed base of more than 1,900 organizations and more than 11,000 users.
"MicroEdge and NPO Solutions offer uniquely complementary services to the grant giving community," said Peter Caswell, President and CEO of Advent Software. "Combining the strength of MicroEdge's leading grants management software with NPO Solutions' strong presence in the community foundations market will add tremendous value to each other, and to the communities they serve. And by expanding our presence in the community foundation market we are adding further diversification to Advent's revenue stream," Caswell continued.
"This deal signifies our commitment to providing the highest quality software products and services to the philanthropic community," said Dov Torenberg, MicroEdge co-founder and Chief Technology Officer. "We are thrilled to be joining forces with NPO Solutions, who have made great headway in the community foundations market, and who are so widely respected in that community. This agreement will allow us to expand our product offering to our existing client base, while giving us the potential to expand to additional segments of the philanthropic community."
"Community foundations are experiencing tremendous growth, and there are significant opportunities for us to help them to better serve their donors and communities by providing leading technology solutions, and forging closer relationships with the financial community. Joining forces with MicroEdge and Advent will give us the important infrastructure we need to address the changing needs of this market," said John Sestak, Partner of NPO Solutions. "Leveraging MicroEdge's technology, particularly their web-based products, and Advent's experience and strong reputation in the financial services industry, will ensure NPO's success in serving our core market, while quickly growing our business."
"We at The New York Community Trust are delighted with this development," said Lorie Slutsky, its President. "It helps to ensure that community foundations nationwide have a technology platform from which to ensure excellent service to their donors and their grantees."
"NPO has long been recognized as the leading technology partner to community foundations, both large and small. The partnership between NPO and Advent and MicroEdge is the best thing that could happen to community foundations to propel and power our technology needs moving forward," said James A. Pitts, Vice President for Finance & Administration, Boston Foundation. "There are tremendous possibilities inherent in combining the unique resources of these companies that will benefit community foundations and the philanthropic community as a whole. Our experience with NPO has been a very positive one, which I now see as being greatly enhanced by their new relationship with Advent and MicroEdge."
A question-and-answer document further outlining Advent's acquisition of NPO Solutions can be found on the Investor Relations page of Advent's web site, at www.advent.com.
MicroEdge, Inc., a subsidiary of Advent Software, Inc. is the leading provider of software to the grantmaking community worldwide. MicroEdge offers software and services for grants management, matching gifts and volunteer tracking. Over 1,600 organizations and 10,000 grantmakers use MicroEdge's proven products to administer their giving programs. MicroEdge, Inc. is headquartered in New York City with regional offices in Atlanta, Fort Lauderdale, Pittsburgh, and Seattle. MicroEdge has more than 75 experienced staff dedicated to serving the grantmaking community. The company has been continuously meeting the needs of grantmakers under the same leadership since 1985.
ABOUT NPO SOLUTIONS
Since 1993, NPO Solutions has been the leading provider of information management software to community foundations and the major producer of foundation software that integrates fundraising, grants management, and financial management into a unified system. Over the past eight years, NPO Solutions has grown from a two-person venture serving three community foundations to a major provider of integrated software solutions to nearly three hundred institutional clients with more than 1,600 users. NPO Solutions has offices in New Hampshire, Connecticut, and Minnesota. For more information see the NPO Solutions web site at www.nposolutions.com.
Advent Software, Inc. is a leading provider of Enterprise Investment Management solutions, offering stand-alone and client/server software products, data interfaces, and related services that automate and integrate mission-critical functions of investment management organizations. Advent OfficeT, 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, datawarehousing, 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 45 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 including 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 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 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