SAN FRANCISCO – February 19, 2009 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, and Paladyne Systems, Inc., a leading solutions provider for the hedge fund industry, today announced that Paladyne has been designated by Advent as one of its Authorized Hosting Providers and named to its Premier Consulting Partner program for Geneva®, Advent’s comprehensive portfolio management and fund accounting solution.
The Authorized Hosting Provider and Premier Consulting Partner designations allow Paladyne to provide both hardware hosting and implementation services to Geneva® clients as part of Paladyne’s global application service provider (“ASP”) solution, which also includes IT support and disaster recovery services.
Geneva® is licensed directly from Advent, and Geneva® clients who prefer a hosted Geneva® environment may leverage Paladyne’s comprehensive ASP solution. Small to medium-sized hedge funds that might otherwise lack the technology resources to implement Geneva® in-house now have the opportunity to significantly upgrade their technology infrastructure through the licensing of Geneva® from Advent and the use of Paladyne’s ASP solution; particularly hedge funds that previously relied on single prime broker technology and are now working with multiple prime brokers and custodians.
In addition to benefiting smaller sized hedge funds, the collaborative relationship between Advent and Paladyne also benefits larger hedge funds and service providers, including existing Geneva® clients. Hedge funds and service providers may not only leverage Geneva® through Paladyne’s ASP solution, but may also license Paladyne’s integrated front-, middle- and back-office product suite including Paladyne's multi-asset class order management system and real-time P&L monitor, custom reporting and data warehousing tool, global security master repository for terms and conditions and corporate action processing, a pricing and valuation toolset, and direct feeds to the leading market data providers. These integrated tools allow Paladyne clients to seamlessly integrate with the industry's foremost market data providers. The Paladyne products are included in Paladyne's ASP environment or may be acquired individually and installed directly at an Advent Geneva® client site.
“Advent continues to work to meet our clients’ requirements for increased operational efficiency, and offering our Geneva® clients an opportunity to leverage Paladyne’s hosted ASP solution as an available option will allow us to continue to do so,” said Chris Momsen, Senior Vice President and Co-Head of Global Accounts at Advent. “With Paladyne’s ASP model, Geneva® is available as a turn-key solution with complete implementation and technical support services, which is a significant value proposition for today’s fund managers.”
“Today’s investors are demanding comprehensive infrastructure and operational control, and by leveraging the power of Geneva® together with Paladyne’s ASP offering, managers can significantly upgrade their infrastructure while lowering their operating costs,” said Sameer Shalaby, CEO of Paladyne Systems. “The combination of Geneva® and Paladyne’s products with managed hosting and IT services, application support, market data, and robust disaster recovery, at a fraction of the cost of an in-house solution, is a compelling offering for the hedge fund industry.”
Advent Software, Inc. (www.advent.com), a global company, has provided trusted solutions to the world’s leading financial professionals since 1983. Firms in 60 countries use Advent technology. 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. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
About Paladyne Systems, Inc.
Paladyne Systems, Inc. (www.paladyne.com), a leading global solutions provider for the hedge fund industry, develops and distributes technology designed to streamline hedge fund operations while providing business efficiency and cost savings throughout the organization. Paladyne offers a fully hosted technology platform known as the PALADYNE™ suite which is capable of supporting the front- to back-office requirements of today’s most comprehensive hedge funds. The PALADYNE™ suite is an integrated set of applications including: order management, portfolio management, general ledger, global security master, pricing and valuation, data warehousing, and custom reporting. Paladyne was founded in 2005 through an acquisition of its technology platform from a large US-based multi-strategy hedge fund.
The Advent logo, Advent Software and Geneva are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
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