"Advent is pleased to report record quarterly revenues, which reflect the strength of Advent's financial model and solid global execution," said Stephanie DiMarco, Founder and Chief Executive Officer of Advent. "We believe the market opportunity for Advent is large, and our long-term strategy positions us well for the future. Our 16 percent growth proves that our strategy, execution and business model are delivering results for clients in all market environments."

SECOND QUARTER 2011 RESULTS

GAAP Results for Continuing Operations
The Company reported quarterly revenue from continuing operations of $80.1 million for the second quarter of 2011, compared to $69.3 million in the second quarter of 2010, a 16% increase.

Operating income from continuing operations for the second quarter of 2011 was $10.4 million, or 13% of revenue, up from $7.6 million or 11% of revenue for the second quarter of 2010.

Net income from continuing operations for the second quarter of 2011 was $7.1 million compared to $4.8 million in the second quarter of 2010, a 46% increase.

On a fully diluted basis, earnings per share from continuing operations in the second quarter of 2011 were $0.13 and represent a 43% increase from diluted earnings per share of $0.09 in the second quarter of 2010.

Operating cash flow from continuing operations in the second quarter of 2011 was $20.2 million, compared with $17.8 million in the second quarter of 2010, a 14% increase. Cash, cash equivalents and marketable securities from continuing operations totaled $78.5 million as of June 30, 2011.

The Company repurchased approximately 382,000 shares in the second quarter of 2011 at an average price of $26.58 per share.

Total deferred revenue from continuing operations as of June 30, 2011 was $159.3 million, compared to $156.5 million as of March 31, 2011, a 2% increase sequentially.

Non-GAAP Results for Continuing Operations
Non-GAAP operating income from continuing operations for the second quarter of 2011 was $17.5 million, or 22% of revenue. This represents a 26% increase when compared to $13.8 million from continuing operations, or 20% of revenue, in the second quarter of 2010. On a fully diluted basis, non-GAAP earnings per share from continuing operations were $0.21 in the second quarter of 2011 and represent a 26% increase from non-GAAP diluted earnings per share of $0.16 in the second quarter of 2010.

The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.

SECOND QUARTER HIGHLIGHTS

Second Quarter Bookings: The term license and Advent OnDemand® contracts signed in the second quarter of 2011 will contribute $6.6 million in annual revenue once they are fully implemented.

Acquisition of Black Diamond Performance Reporting: On June 1, 2011, the Company completed its acquisition of Black Diamond Performance Reporting, LLC, a leading provider of web-based, outsourced portfolio management and reporting platforms for independent advisors. Under the terms of the agreement, Advent acquired all of the outstanding ownership units of Black Diamond for $72 million in cash, net of cash acquired. The completion of the acquisition accelerates Advent's ability to help advisors succeed by giving them an innovative platform coupled with choice and flexibility when selecting technology. Additionally, Reed Colley, Black Diamond's Founder and Chief Executive Officer joined Advent's executive management team.

Global Execution: Advent saw continued momentum for Tamale RMS®, its industry-leading research management solution, signing customers in a wide range of market segments and geographies. New clients included Kohlberg Kravis Roberts & Company and Oaktree Capital Management, L.P. Additionally, Temasek, Singapore's largest sovereign wealth fund, and Tamale's largest installation to date, went live on Tamale RMS® in the second quarter.

Launch of Geneva 8.5: Advent launched the newest version of Geneva, which includes integrated solutions that meet the needs of new market segments. Geneva 8.5 is one of the only solutions available that provides portfolio-through-fund and investor-level accounting on a single platform and extends the platform's portfolio management functionality into the front and middle office. Geneva was named winner in the 'Best Fund Accounting and Reporting Systems' category by HFM Week and named the 'Best Portfolio Management System Provider' by Waters Magazine in the publication's annual readers' choice rankings, both for the third consecutive year.