Advent Software, Inc. (Nasdaq: ADVS - News), the leading provider of software and solutions for the investment management industry, announced today that the Company, in a cash transaction, has acquired East Circle Solutions, a New York-based company that develops software to automate the billing process for investment management organizations.
"Many firms create billing structures to meet the specific needs of individual clients, but managing these multiple structures is often a manual process and can cause significant overhead in calculating, confirming, and tracking bills," said Stephanie DiMarco, Advent's Chief Executive Officer.
"The East Circle solution automates complex billing processes from fee creation to accounts receivable, which not only reduces errors but can improve management insight into a firm's revenue base," continued DiMarco. "Advent has a long and successful track record of automating mission-critical processes for more than 4,500 clients, so this innovative solution for billing and revenue management is a natural extension of our core functionality."
Advent plans to introduce a new version of the product, which will integrate seamlessly with both Advent Portfolio ExchangeÂ® and AxysÂ®, in the first half of 2007.