Mergers and Acquistions News
Categories: IT Services & Consulting
August 4th 2009, 16:14PM
Investment management services provider Advent Software has entered into an agreement to sell its New York-based subsidiary MicroEdge to Vista Equity Partners.
An affiliate of Vista will purchase all of the outstanding stock of MicroEdge and subsidiaries for approximately $30 million (£17.7 million) in cash, in an acquisition which is expected to close in the fourth quarter of the year.
Stephanie DiMarco, founder and chief executive of Advent, said the sale will allow the firm to focus and redeploy resources within its core business.
She commented: "MicroEdge is the leader in its field with an incredibly talented team that delivered strong results for Advent over the last few years."
MicroEdge provides software and services to charitable organisations around the world.
Recently Advent expanded its sales, services and support facilities into the Asia-Pacific region with the launch of an office in Hong Kong, where it will offer its Geneva product to investment management firms.
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