San Francisco, CA, June 17, 2002 - Advent Software, Inc. (Nasdaq: ADVS), announces a delay in the closing of its recently announced $23 million acquisition of Techfi Corp. The acquisition was originally anticipated to close this week.
Under the pre-merger notification rules of the Hart-Scott-Rodino (HSR) Act, only mergers and acquisitions valued at greater than $50 million are subject to review. However, the Antitrust Division also reviews the competitive implications of even those transactions that do not meet the HSR pre-merger notification thresholds, and it has notified the parties that it has begun a preliminary investigation of Advent’s acquisition of Techfi.
“The Antitrust Division serves a very valuable function in assuring open competition, and we will fully cooperate with them to provide them all the information they need in a timely fashion. As we have stated already, we believe the combination of Advent and Techfi is extremely beneficial to our respective customers and the companies and we believe that the Antitrust Division will become convinced of that as well,” said Irv Lichtenwald, Chief Financial Officer of Advent.
Advent Software, Inc. has been providing trusted solutions to the worlds’ leading professional money managers since 1983. 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 Office®, 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 55 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, and in particular the Company’s statements about the effect of this acquisition on its future business, which reflect management’s best judgment based on factors currently known, involve risks and uncertainties including the integration of the acquisition, challenges assimilating Techfi and other acquired entities, 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, 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 the Investor Relations page of Advent’s 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