Redwood Shores, CA, November 1, 2000 - Advent Software, Inc. (Nasdaq: ADVS) the leading provider of professional investment management software, and Yodlee, the pioneer and leading provider of account aggregation services worldwide, today announced they have entered into a strategic alliance.
This first-of-its kind financial services alliance will enable Yodlee and Advent to jointly provide the most comprehensive, consolidated view of detailed personal investment and non-investment data to financial institutions, financial advisors and their clients.
Through the agreement, Advent will provide Yodlee with direct connectivity to its Advent TrustedNetwork(SM) service, an extensive investment securities data service that provides institutional quality securities data, including non-traded securities such as hedge fund assets. Advent TrustedNetwork substantially expands the depth of investment content available from Yodlee-powered services.
The combined Yodlee/Advent TrustedNetwork functionality will be available both to Advent's 6,000 worldwide investment management clients, and to all Yodlee Co-Brand Partners that license Yodlee's Personal Information Platform to deliver account aggregation services to their customers. Yodlee-powered services offer consumers a secure place to view and access all their personal accounts, including bank accounts, investments, bills, as well as travel, email, news, shopping, and more.
Yodlee Co-Brand Partners and their End-Users will benefit from the Advent TrustedNetwork service by receiving an unparalleled breadth and quality of investment data from many of the industry's leading financial institution custodial systems. Advent TrustedNetwork will provide deep, premium quality data, delivering superior accuracy, reliability and proper historical cost basis. Armed with this data, financial advisors and individual investors can make more informed financial decisions. Thus, the Yodlee/Advent partnership helps lay the foundation for delivering the next-generation of financial advisory tools and applications for investment advisors and individual investors.
“This is a very exciting partnership that provides a huge win for a broad investor audience,” said Anil Arora, President and CEO of Yodlee. “The access to Advent's deep, rich financial content advances our vision for delivering to our partners a true platform for personal information management, enabling consumers to not only see and access their personal accounts but also to act upon them through analytics and advisory tools and services and transactional capabilities.”
“Our work with Yodlee represents our commitment to providing professional investment institutions with only the highest quality and most secure investment data available, to ensure that investment decisions are made soundly and in the most informed fashion possible,” said Peter Caswell, President and CEO of Advent Software.
Advent Software is the only provider of cross-institutional data directly from firms' systems of records that automatically feeds a consolidation platform for viewing households' multiple accounts in an accurate, consolidated fashion. Account information is transferred through the Internet using highly secure data feeds. Advent TrustedNetwork allows financial institutions to offer their clients investment advice based on their total worth, not just on the assets managed by that particular advisor.
Yodlee is the aggregation platform of choice for many top financial institutions and portals because it provides an extensible, scalable architecture that can securely and accurately retrieve and present data from a wide range of data sources in order to deliver the most robust, comprehensive data aggregation solution.
With more than 17 years' track record providing the professional investment community with industry leading technology, Advent is in a unique position to deliver the infrastructure to provide this cross-institution data gathering and reporting platform. Advent Software, Inc. is a leading provider of Enterprise Investment Management solutions, offering stand-alone and client/server software products, data interfaces, and related services that automate and integrate mission-critical functions of investment management organizations. Advent has licensed its products to more than 6,000 financial institutions in 36 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.
Yodlee is the pioneer and leading provider of aggregation services and tools to businesses worldwide. Yodlee's Personal Information Platform enables businesses to offer their consumers a convenient way to consolidate and manage all their personal online information -- bank balances, travel reservations, investments, email, shopping, bills, news, calendars, and much more -- from over 2,000 web sites. Users can access their information from any PC, PDA, or web-enabled phone. Yodlee technology is the foundation for next-generation personal services being offered by over 55 co-brand partners, including AOL, Chase Manhattan Bank, Citigroup, E*TRADE, MSDW, and Palm Computing¸.
The company is backed by venture capital firms Accel Partners and Sequoia Capital and an elite group of private investors, including the founders of Hotmail, Junglee, and Exodus Communications. Yodlee is based in Redwood Shores, California and can be reached at 650/980-3600 or toll-free at 877/296-3533, email@example.com, or www.yodlee.com.
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107