SOURCE: Advent Software, Inc.
October 01, 2008 17:00 ET
Advent Completes Acquisition of Tamale Software
Acquisition Enables Company to Extend Its Presence Into the Front Office and Establish a Leadership Position in Research Management
SAN FRANCISCO, CA--(Marketwire - October 1, 2008) - Advent Software, Inc. (NASDAQ: ADVS), a
leading provider of software and services for the investment management
industry, today announced that it has completed its acquisition of Tamale
Software, a leading research management solution (RMS) provider. Under the
terms of the agreement, which were previously announced on September 4,
2008, Advent has acquired all of the outstanding capital stock of Tamale
Software for approximately $28 million and 906,000 shares of Advent's
"The completion of this acquisition represents a significant step for
Advent in our strategy to expand our footprint in the front office and
establish ourselves as a leader in the rapidly growing RMS field," said
Advent's Founder and Chief Executive Officer Stephanie DiMarco. "Tamale
Software has set the standard in the research management industry; we
welcome their team and proven RMS expertise, and look forward to
collectively taking our business to the next level."
Since pioneering the RMS space in 2004, Tamale Software has become a clear
leader, with more than 1,700 investment professionals at hedge funds,
endowments, funds of funds, private equity firms and traditional asset
management firms using Tamale RMS®, the firm's innovative workflow
software solution, to manage their workflow and research process.
Tamale RMS®, which going forward will be marketed under the name Advent
Tamale RMS, creates a centralized information hub to easily manage and
access research information, enhancing collaboration across the investment
team and optimizing the investment decision-making process. Advent Tamale
RMS complements Advent's other product offerings, and the integrated
solution will bridge research management and portfolio management to
increase efficiency and link analysts' recommendations to investment
"Managing a pipeline of new ideas through the research and decision-making
process is one of the most difficult tasks for an investment team," said
Joe Saluti, Director of Research for Highline Capital, a hedge fund manager
with approximately $2 billion in assets under management, and both a Tamale
and Advent client. "Tamale enables the work sharing, process discipline
and accountability that are so crucial to this effort; it is so embedded in
our work process that our team is trained to understand that if their work
is not in Tamale, then it doesn't exist."
Added Michael Klarman, Highline's Chief Financial Officer, "We've also been
an Advent client for more than five years, trusting Advent's
industry-leading accounting platforms to deliver the reliability and the
insight we need to manage our growth successfully. I'm really looking
forward to seeing these two industry innovators help us bridge our front-
back-office workflow even more powerfully."
"We are very excited about the opportunity to join forces with Advent and
leverage the systems, processes, and teams we've developed to serve our
customers and contribute towards a unique and powerful
front-office/back-office integrated solution," said Tamale's President and
CEO, Mark Rice. "The combination of our products positions us very well to
accelerate our strategy of delivering innovative solutions to help
investment professionals enhance and more effectively manage their
investment research process. We look forward to being a part of Advent and
developing these opportunities."
Concluded DiMarco, "With the Tamale Software acquisition now complete,
Advent is in a stronger position than ever before in our 25-year history,
with increased capacity to reach new customers and the ability to provide
our client base with an enhanced product offering. We look forward to
delivering on the promise of this acquisition and continuing to build value
for our clients and shareholders."
The Tamale management team and its employees, based primarily in New York,
Boston and the UK, will join Advent, and will continue to develop, service
and sell the Tamale solution.
Tamale Software, Inc. created the first software solution designed
specifically to help investment professionals manage their investment ideas
more effectively and access all of the firm's research easily. Tamale is a
pioneer in Research Management Solutions (RMS). Tamale RMS® is Tamale's
easily configurable and customizable solution that supports the research
and investment decision-making workflow. More than 1,700 investment
professionals at hedge funds, traditional asset management firms, pension
funds, endowments, fund of funds and private equity firms rely on Tamale
RMS® to support their research process. Tamale has offices in New York,
Boston, San Francisco, Los Angeles and London. For more information on
Tamale products visit www.advent.com/tamale.
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 and manage investments
totaling nearly US $18 trillion. 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.
This press release includes "forward looking statements" within the meaning
of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Words such as "expect," "estimate,"
"project," "budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believes," "predicts," "potential," "continue,"
and similar expressions are intended to identify such forward-looking
statements. Forward-looking statements in this press release include,
without limitation, statements regarding: the expected benefits of the
acquisition to Advent's leadership and market position; Advent's scale,
resources, expertise and presence; Advent's products and services; and
Advent's customers; and other matters that involve known and unknown risks,
uncertainties and other factors that may cause Advent's actual results,
levels of activity or performance to differ materially from that expressed
or implied by this press release. Such risk factors include, among others:
difficulties encountered in integrating merged businesses and achieving
expected synergies; whether certain market segments grow as anticipated;
Advent's ability to retain key employees; the competitive environment of
the software industry and competitive responses to the merger; and whether
the companies can successfully develop new products and the degree to which
these gain market acceptance. Actual results may differ materially from
those contemplated in the forward-looking statements in this press release.
Additional information concerning these and other risk factors is contained
in Advent's most recently filed quarterly report on Form 10-Q and 2007
annual report on Form 10-K. The Company disclaims any intention or
obligation to publicly update or revise any forward-looking statements,
whether as a result of events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
The Advent logo and Advent Software are registered trademarks, and Advent
Tamale RMS is a mark, of Advent Software, Inc. All other company names or
marks mentioned herein are those of their respective owners.