Wednesday, Advent Software, Inc. (ADVS), a provider of software and services for the investment management industry, announced that it has completed its acquisition of research management solution or RMS provider Tamale Software, previously announced on September 4, 2008.
The acquisition is expected to enable the company extend its presence into the front office and establish a leadership position in Research Management.
Advent has acquired all of the outstanding capital stock of Tamale Software for approximately $28 million and 906,000 shares of Advent's common stock.
Advent's Founder and Chief Executive Officer, Stephanie DiMarco said, "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."
Tamale RMS, the firm's innovative workflow software solution to manage their workflow and research, going forward will be marketed under the name Advent Tamale RMS and 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 performance.
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.
ADVS ended it's trading on Wednesday at $35.00, down 23 cents or 0.65%. In after hours the stock is at $35.02, up 2 cents or 0.07% on the Nasdaq.
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