Advent Software, a provider of software and services for the investment management industry, has completed its acquisition of research management solution provider Tamale Software.
Advent Software, a provider of software and services for the investment management industry, has completed its acquisition of research management solution provider Tamale Software.
Under the agreement, Advent is acquiring all Tamale’s outstanding equity for some USD28m and 906,000 shares of Advent common stock. The Tamale management team and staff, based primarily in New York, Boston and the UK, will join Advent and continue to develop, service and sell the Tamale solution.
‘This acquisition represents a significant step for Advent in our strategy to expand our footprint in the front office and establish ourselves as a leader in the rapidly growing research management field,’ says Advent founder and chief executive Stephanie DiMarco. ‘Tamale Software has set the standard in the research management industry, and we look forward to collectively taking our business to the next level.’
Tamale, which launched its first research management solution product in 2004, serves more than 1,700 investment professionals at hedge funds, endowments, funds of funds, private equity firms and traditional asset managers who use the firm’s Tamale RMS software to manage their workflow and research process.
Tamale RMS, which will henceforth be marketed as Advent Tamale RMS, creates a centralised information hub to manage and access research information, and is designed to enhance collaboration across the investment team and optimise the investment decision-making process.
By complementing Advent’s other product offerings, the firm says, the integrated solution will bridge research management and portfolio management to increase efficiency and link analysts’ recommendations to investment performance.
‘Managing a pipeline of new ideas through the research and decision-making process is one of the most difficult tasks for an investment team,’ says Joe Saluti, director of research for Highline Capital, a hedge fund manager with some USD2bn in assets under management and both a Tamale and Advent client.
‘Tamale enables the work-sharing, process discipline and accountability that are so crucial to this effort. It is so embedded in our work process that our team is trained to understand that if their work is not in Tamale, it doesn’t exist.’
Highline’s chief financial officer Michael Klarman adds: ‘We’ve been an Advent client for more than five years. I’m really looking forward to seeing these two industry innovators help us bridge our front- and back-office workflow even more powerfully.’
Tamale’s president and chief executive Mark Rice says: ‘We are very excited about the opportunity to join forces with Advent and leverage the systems, processes, and teams we’ve developed to serve our customers and contribute towards a unique and powerful front-office/back-office integrated solution.’
DiMarco says: ‘With the Tamale Software acquisition now complete, Advent is in a stronger position than ever in our 25-year history, with increased capacity to reach new customers and the ability to provide our client base with an enhanced product offering.’
Founded in 1983, Advent Software provides technology to firms in 60 countries that manage investments totalling nearly USD18trn.
