Advent Software, makers of the Moxy order management system, plunged headfirst into the research management business with its purchase of Tamale Software.
Advent plans to offer Tamale’s research management tool as a stand-alone product to gain new customers. But the acquisition also lets Advent link portfolio and research management functionality.
“We saw a very exciting opportunity for us to essentially integrate with the research management solutions and bridge that gap between the front office and the back office,” said Pete Hess, executive vice president and general manager of the Investment Management Group at Advent.
Tamale, which released the latest version of its Research Management Solution in August, specializes in developing software for investors to access and organize research and investment information rapidly from a central hub. This makes that research much more readily available and shareable across an investment team, Hess said.
It lets portfolio managers explain their investment decisions to clients and auditors, he added. “And then they also are able to process ideas much more effectively across their teams, because the information is much easier to share,” Hess said.
Advent purchased Tamale for $70 million. The acquisition consisted of 60 percent Advent common stock and 40 percent cash. Tamale is expected to retain its more than 70 employees, working in offices in New York, Boston, San Francisco and London.
(c) 2008 Traders Magazine and SourceMedia, Inc. All Rights Reserved.
http://www.tradersmagazine.com http://www.sourcemedia.com/
