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Digital Subscriptions > The Hedge Fund Journal > Issue 112 - March | April 2016 > SS&C Advent’s Mid-Office Takeover Bid

SS&C Advent’s Mid-Office Takeover Bid

Controlling costs and combatting complexity

SS&C’s acquisition of Advent Software came as no surprise to anyone inside the industry. SS&C’s Founder and Chief Executive Officer, Bill Stone, often said publicly in interviews that he wanted to acquire Advent, whose co-founder, former CEO and President, Stephanie DiMarco was selected as one of The Hedge Fund Journal's ‘50 Leading Women in Hedge Funds’ in the 2011 survey, sponsored by EY. SS&C was already one of the largest users of Advent’s serial and multiple award-winning Geneva system. The two entities are of very similar ‘millennial’ age: Advent celebrated its 30th anniversary in 2014 while SS&C marks its 30th year in March 2016. The tie up is all about revenue synergies and “there is a lot of excitement as the sales team has more to offer on both sides,” says Martin Sreba, who heads up the Product Strategy team focused on integrating the two former firms, cross-selling and ‘productising’ multiple services.

So strong is its reputation that SS&C Advent won The Hedge Fund Journal's 2016 award for ‘Best Fund Accounting & Reporting Software Provider’ but the merged firm is now far more than a software provider. SS&C’s key strength in services and outsourcing complements Advent’s in software. “Combining best of breed technology with best of breed service provision was the key attraction,” recalls Sreba. SS&C Advent’s SVP and General Manager, Pete Hess, knew that products such as Geneva, APX and Moxy have established an impressive global footprint, yet Advent was always perceived as a technology platform. Only now does it benefit from SS&C’s expertise in outsourced servicing. “We are no longer just a technology service but now we deliver the entire platform – so you choose what you want, from mid office to back office and in between,” explains Sreba, who finds “the market has reacted very positively to the deal.”

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INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.