Advent to acquire Kinexus for $68.5 million

Advent to acquire Kinexus for $68.5 million

San Francisco-based investment technology vendor Advent Software is to acquire Kinexus Corporation, for approximately $68.5 million.

Kinexus, whose clients include JPMorgan Private Bank, Merrill Lynch Wealth Management Services, First Union’s Private Capital Management and Wachovia, provides wealth management reports to advisors of high net worth investors.

Brian Bailard, vice president of wealth management solutions of Advent Software, says: “Advent has direct data connections with nearly 200 institutions that allow us to provide our customers with highly accurate and automated data for millions of investment accounts. Through our acquisition of Kinexus, we now can supplement these direct custodial connections with comprehensive data management and manual input of those accounts not yet available through Advent.”

"It also complements our recently announced WealthLine service, a Web-based wealth management service built in partnership with Microsoft,” he adds.

The transaction is expected to close during the first quarter of 2002. Approximately 110 New York-based Kinexus employees will join Advent.

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