The parties will leverage Applicon's local expertise to implement Advent's investment management solution in the Icelandic market.

According to the OECD's 2011 Economic Survey of Iceland , the economy, including the asset management sector, has recovered since the 2008 crisis.

Advent and Applicon chose the opportunity to work together given the current trends in the Icelandic investment management industry, particularly local demand for more sophisticated investment management solutions, heightened focus on operational risk and increased regulatory reporting and compliance requirements. The client event, which featured speakers from Advent, Applicon and NASDAQ OMX, was well attended by banks, asset managers, wealth managers and pension funds, and the attending firms expressed an increased interest in learning more about the latest trends, technologies and innovations.

"Advent provides reliable and trusted industry-standard solutions, including market-leading portfolio management systems," said Ingimar Bjarnason, managing director, Applicon Iceland. "Years of experience have shown that their solutions help investment managers increase operational efficiencies and reduce risk. Given the market's current appetite for proven solutions, we recognized that collaborating with Advent would enable us to meet this demand."

"We are very committed to Iceland. We have been serving clients in Iceland since 2005, and we were looking for a local services provider to bring our clients additional local knowledge and industry expertise," said Håkan Valberg, senior vice president and general manager, Advent Software EMEA. "Applicon has a long-standing presence in the Icelandic market, which will help us bring this local support to our clients and respond to their specific requirements."