The strategic alliance between Advent Software, Inc. and Paladyne Systems has resulted in five new firms using Geneva in a fully-hosted Paladyne ASP model.
The two companies this week revealed the continued success of their strategic alliance to offer Advent's Geneva software as part of Paladyne's hosted application service provider (ASP) environment to hedge funds, fund administrators, and prime brokers. Since announcing the relationship in November of 2005, Advent and Paladyne have fully integrated Geneva with the rest of the Palaydne's ASP offering.
Geneva's innovative and powerful 'main memory' database system with flexible real-time reporting, automated error-correction, and complete general ledger and financial reporting is capable of servicing hedge funds of any size and complexity. Offering Geneva through Paladyne's hosted ASP environment expands the market opportunity for Geneva to firms who prefer to outsource their technology infrastructure, and to small- and medium-sized hedge funds that require a lower cost option or are transitioning from single to multi-prime broker relationships.
'As a result of our successful partnership with Paladyne, Advent has seen increased interest in Geneva across a wider potential user base where the total cost of Geneva ownership would have been too high,' said Robert O'Boyle, Vice President of Product Management for Global Accounts at Advent. 'With Paladyne's ASP model, we can now offer Geneva with a full range of installation and support options. Paladyne is a strong strategic partner and we look forward to expanding our client base through this relationship.'
The Paladyne offering not only includes a Geneva ASP solution, but also provides an integrated global security master, data warehouse and custom reporting toolset, and CRM application, all of which are available in the ASP environment or may be implemented as individual modules on-site for larger hedge funds or fund administrators.
'By integrating Geneva with our existing software product suite, Paladyne has created a unique front- to back-office ASP offering, as well as a valuable toolset for hedge funds and service providers,' said Sameer Shalaby, CEO of Paladyne Systems. 'Since entering into our relationship with Advent, we have grown both our ASP and direct install client bases, and many of our clients have significantly improved their operations by leveraging the power of our integrated Paladyne-Geneva offering.'
Several hedge fund administrators are experiencing greater market acceptance by using Geneva in Paladyne's ASP environment to service existing customers and to grow their businesses. 'The Paladyne model is truly revolutionary and has broad market appeal and acceptance as an all-round industry solution,' said Shankar Iyer, CEO of Viteos Capital Market Services. 'In particular, the platform is well suited to hedge fund clients that require multi-prime brokers and comprehensive technology to handle a wide range of investment products, destinations, and emerging markets.'
'By leveraging Paladyne's ASP environment and Geneva's best-in-class functionality, Dundee Leeds is successfully competing against the leading fund administrators,' said Robin Bedford, President of Dundee Leeds Management Services Ltd. 'Today we offer our clients direct access to Paladyne's front-office tools which provides valuable infrastructure to our clients, and effectively integrates the fund's front office with our middle- and back-office operations.'