San Francisco, CA, May 16, 2002 - Advent Software, Inc. (Nasdaq: ADVS), announces it will post a one-time non-cash write off of approximately $9 million associated with its investment in Encompys. Encompys was formed in April 2001 by Accenture, Microsoft, Compaq and the Bank of New York to provide an Internet-based straight-through-processing solution for the global asset management community. In early May, Encompys informed Advent that, due to continued difficulties in the financial services industry, it has decided to sell the assets of the corporation or wind down operations.
“We are extremely disappointed that Encompys has decided to discontinue operations”, stated Irv H. Lichtenwald, Chief Financial Officer of Advent Software.
“Advent from time to time makes investments in private companies as part of our long-term strategy. Other than for Encompys, most of our investments are small in nature, typically under $2 million in cost. The remaining net book value of such investments is approximately $9 million, net of previously recorded asset impairment reserves,” continued Lichtenwald. “While these investments bear risk, we believe that they are valuable to our long-term goals.”
Advent Software, Inc. has been providing trusted solutions to the world’s leading professional money managers 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 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.
Irv H. Lichtenwald - CFO
Robin Goodstein – Inv Relations
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107