San Francisco, Calif., June 10, 2003 - Advent Software, Inc. (Nasdaq: ADVS), the leading provider of software to the financial services industry, and Netik, an information automation company specializing in information-centric STP software solutions for the securities and investment markets, today announced they have formed a strategic alliance to integrate Advent’s Geneva® and Netik’s InterView™ v. 7 solutions. The combined solutions will provide fund administrators, prime brokers and global asset managers with a best-of-breed solution for investment accounting, data management and reporting.
The integration of Geneva and InterView allows for the delivery of portfolio accounting information in real-time or batch modes both to a firm’s internal sources and externally to clients. This significantly enhances firms’ straight-through processing capabilities and reporting presentation.
Geneva greatly improves straight-through processing performance by delivering investment accounting data that is accurate from the outset. Geneva has a number of unique capabilities, including a single unified data model that enables unsurpassed reporting flexibility while eliminating data discrepancies between sub and general ledgers. It also provides unprecedented data accessibility for a multitude of report views and real-time integration with upstream and downstream systems. Geneva’s dynamic error correction and unique data management technology provide exceptional data reliability at a fraction of the administrative cost. And Geneva delivers revolutionary accounting functionality and deep security coverage to meet the complex requirements of the most demanding asset managers and administrators.
InterView delivers a high-performance and highly scalable investment hub database that enables organizations to extract, clean/repair, enrich, route and distribute information for dynamic reporting and information processing throughout a firm. The InterView web portal allows firms to track their account status online in real time, as well as receive electronic copies of Geneva reports at any time from any location over the web.
The Investment Hub also acts as a flexible conduit for receiving, transforming, and routing transactions, reports, files, and messages to and from Geneva as well as enabling straight through processing between Geneva and with other systems, such as trade order management.
“With Advent and Netik, you have an integrated solution that meets the most demanding accounting and reporting needs,” said John Wise, CEO and founder of Netik. Netik is known as a leader in information integration, and we have now incorporated this technology into our InterView product in conjunction with Advent. Our Hub insures that only accurate transaction information is sent to Geneva so that error/reject rates are reduced. We also provide a powerful matching and reconciliation engine to insure that both internal and external systems are in synch, every step along the way.”
“Geneva’s unique technical architecture delivers innovative tools to enable back offices to generate more reliable accounting data at dramatically accelerated rates and at a much lower cost than traditional systems,” said Peter Hess, Vice President of Marketing for Advent. “Netik’s solution complements the functionality of Geneva very well, and together we’ll provide the industry with a truly unique and highly capable solution. Netik has very strong domain knowledge and a very good success rate in the industry. We’re pleased to be able to work with them for the benefit of our mutual clients.”
Netik is an Information Automation Company that specializes in providing Information-Centric STP software solutions for the securities and investment markets. Netik’s focus is in financial information automation, aimed at increasing efficiencies, reducing risk and improving client service for the asset management, broker, custodial, fund administration and prime brokerage and wealth management/private banking markets within the Securities and Banking Industry.
Netik’s value proposition is focused on solving the perennial problems associated with how financial firms manage and derive valuable, reliable information from internal and external data. Netik solutions address the fundamental requirements for integration, cleansing, rationalization and reconciliation of data from an ever increasing numbers of sources, coupled with the need to warehouse and deliver data as valuable, accurate information for primary front-line business usage.
Netik has invested millions of dollars into technology to achieve Information Automation, spanning the domains of Application Integration, Matching & Reconciliation, Financial Data Modeling, Data Warehousing, Analytical Applications and Financial Messaging.
Advent Software, Inc. (www.advent.com) has been providing trusted solutions to the world’s leading financial professionals since 1983. Firms in 55 countries use Advent technology to manage investments totaling more than US $8 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.