Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, has announced its financial results for the fourth quarter and year ended December 31, 2013.
"The fourth quarter capped off a year of record revenue and operating cash flow, while we also expanded non-GAAP operating margin to 30% for the year," said Pete Hess, Chief Executive Officer of Advent. "Advent's success, including our strong renewal rates, demonstrates our ability to help customers respond to the evolving trends in investment management. We are excited about our solutions and ability to expand the value we provide to clients and shareholders."
FOURTH QUARTER AND FULL YEAR 2013 HIGHLIGHTS
• Strong Renewal Rate: Advent delivered a strong initially reported renewal rate for Q3 2013 of 97%, compared to 94% the same period last year. This is the highest initial renewal rate reported in five years.
• International Success: Advent saw enhanced success in the international market, signing SMT Fund Services, part of Sumitomo Mitsui Bank Group, as well as Nordea Bank AB in the fourth quarter.
• Solid Growth in Black Diamond: Total assets on the platform increased 64% for the year to over $220 billion and the number of clients increased 29%, including many large advisory firms, such as McGladrey Wealth Management and Essex Financial. Black Diamond also achieved its highest renewal rate and client satisfaction scores in its history.
• New Releases across the Product Portfolio: Advent announced global availability of new releases to several key products that includes compelling new functionality for asset and wealth management firms, alternative managers, family offices, and administrators. The updated products include Geneva®, Advent Portfolio Exchange® (APX), Moxy®, Advent Rules Manager®, and Advent Revenue Center®.