New York and San Francisco, June 19, 2006 – Advent Software, Inc. (NASDAQ:ADVS), the leading provider of software and services to the investment management industry, announced today at the SIA Technology Management Conference several technology enhancements to the Advent® Global Hedge Fund Solution, powered by Geneva®. Leveraging an array of technical innovations, Geneva® continues to meet the demands of large asset managers and service providers that require high volume processing for a broad range of investments. Geneva® clients have embraced these platform advancements, with 70 percent of the client base having either already upgraded to, or currently implementing, the release of Geneva® 6.0.
Advent®’s Global Hedge Fund Solution, powered by Geneva®, provides a fully-integrated suite for trading, investment and partnership accounting that enables clients to minimize risk, streamline their operations and reduce costs while managing the most complex investments. Geneva® delivers the industry’s only “main memory” database system, offering fast, accurate, and flexible real-time reporting, as well as eliminating batch processes and time-consuming error corrections.
Among the chief advancements offered by the latest edition of Geneva® are a lower total cost of ownership, ease of integration, and improved scalability. Geneva® has lowered ownership costs by utilizing a distributed processing model, which enables the platform to be implemented on multiple, significantly less expensive x86 Unix servers. On average, Geneva® clients are now able to save up to 80 percent in server costs per year.
Improved scalability is another major benefit of the distributed processing model. Clients can now run a number of reports simultaneously on multiple servers without any speed degradation. As a result, users are truly able to scale hardware resources to meet business needs. The new version of Geneva® also boosts scalability by employing a major technology shift to an “N-Tier” architecture, along with targeted database tuning. A combination of these technical enhancements has resulted in system throughput improvements of up to 300 percent. The platform now more effectively addresses disaster recovery and application redundancy and, as a result, reduces risk.
Geneva® achieves improved ease of integration through new innovations to Geneva® Workflow Manager. This powerful integration platform, used with Microsoft BizTalk Server, allows firms to easily and efficiently manage workflows and data exchange between Geneva® and other applications. Workflow Manager is now the platform for future packaged integration accelerators to other trading and risk systems, data warehouses, and reference data sources.
“The business of asset management is increasingly being defined in a global context and more firms are offering alternative investments to improve returns and attract new customers,” said Robert O’Boyle, Vice President Product Marketing for Global Accounts at Advent Software. “While these firms have always benefited from Geneva®’s functionality, they also needed a system that was less expensive, easier to integrate and more scalable. The latest offering of Geneva® incorporates these advancements, enabling business growth for asset managers.”
Advent Software, Inc., a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in more than 60 countries using Advent technology 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, allowing them to grow their business while controlling costs.
Advent and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Any forward looking statements included in this press release involve risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include market acceptance of new products, the impact of initiatives by competitors, and other risks detailed in Advent’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, as amended, copies of which may be obtained by contacting Advent Software at 415-645-1787, or by visiting Advent’s Investor Relations website at www.advent.com.
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Katherine Calvert, Advent Software, Inc.
Dori Busell, Ogilvy Public Relations