Mergers and Acquistions News
Categories: IT Services & Consulting
March 2nd 2011, 17:24PM
Global technology firm Advent Software has acquired Syncova Solutions, a financial software firm based in the UK, as it looks to step-up its presence in the alternative asset industry.
Advent did not disclose financial terms, but confirmed it has acquired all outstanding capital stock of Syncova.
Syncova provides margin and financing software products to hedge funds and prime brokers.
Advent said it will incorporate Syncova's margin calculation tool, Optima; and Abacus, its debit finance reconciliation system, into its product range for the alternative asset market.
These tools help hedge funds and prime brokers work out expected margins and reconcile and control differences.
They are attracted to such software platforms as an alternative to doing them manually, as they can be prone to human error.
Advent's founder and chief executive officer, Stephanie DiMarco, said the firm will now expand in the alternative asset industry.
"With an ongoing market focus on risk management, liquidity control and operating efficiency, there is an increased demand by hedge funds and prime brokers to automate the margin and finance cost process," she said.
Advent posted revenues of $76 million (£46 million) for the fourth quarter of 2010.
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