Technology
Advent Acquires Software Provider
Advent Software, the US-listed financial services technology firm, has announced the acquisition of Goya, a privately-owned Norwegian software provider. Under the terms of the deal, which is for an undisclosed amount, Advent acquires all outstanding shares of Goya.
Through the acquisition Advent can now offer Goya’s Tradex product, a software system for fund managers and distributors in Europe and the Middle East. A web-based fund distribution platform, Tradex automates order flows from initiation to back-office, and between distributors and fund managers.
The two firms have a history of more than six years of working together, and already have a number of mutual clients, Håkan Valberg, senior vice president and general manager, Advent Software EMEA, told WealthBriefing.
Therefore the tie-up of the two companies will involve very little change at either companies, and all of Goya’s employees have transferred across to Advent.
The reasons for merging, as opposed to continuing to collaborate, are driven by changes Advent sees in the EMEA market, which make the Tradex product very interesting to clients, said Valberg.
One trend has been investors’ growing interest in funds, another has been fund managers’ desire to get closer to investors and find new ways of distributing their products efficiently. The tightening regulatory environment, and the need for monitoring any dealing with funds or cross-border trading, is another factor. And with UCITS IV on the horizon, cross-bordering of funds will become more common.
All these trends make the Tradex product more appealing, said Valberg.
Advent offers a portfolio management and accounting solution, Advent Portfolio Exchange, and a trade order management solution, Moxy. With this latest addition to its product range, clients will have an integrated front-to-back office solution for fund and asset management, Advent said in a statement.
“We’re hoping we can continue to take our offering to the next level, we think this will be an important differentiator between us and our competitors,” said Valberg.
