Paladyne Systems, a leading provider of alternative investment solutions, and Advent Software, Inc. (Nasdaq: ADVS) today announced that the two companies have entered into an enterprise-wide hosting and administration agreement whereby Paladyne Systems will offer Advent's Geneva software, the industry's premier global investment accounting and portfolio management software, in a hosted environment to hedge funds and fund administrators.
Paladyne Systems will integrate Geneva into its PALADYNE suite, a fully-integrated front-to-back office solution developed specifically for the hedge fund industry. Paladyne will also offer Advent's Workflow Manager module to its clients, to streamline all integration, reconciliation, and reporting processes between Geneva and third-party applications.
Geneva delivers the industry's only "main memory" database system, offering more accurate and flexible reporting and eliminating batch processing and time-consuming error corrections. Geneva also unifies the general ledger and portfolio sub-ledgers, for real-time reporting and seamless, automated reconciliation.
By offering Geneva in a hosted environment, Paladyne provides a global portfolio accounting solution to firms that might not have the full IT capabilities to support the software in-house, or that simply prefer a hosted solution for their business. The integration of Paladyne's existing product suite with Geneva will streamline operations by significantly reducing costs and business risk, and will provide more timely information throughout the organization resulting in improved investment decision making.
"The PALADYNE suite is now complete with the addition of the Geneva application. Hedge funds can leverage the PALADYNE suite to be up and running in a very short timeframe," said Sameer Shalaby, Chief Executive Officer of Paladyne Systems. "As the industry's most scalable and robust accounting solution, Geneva offers the right platform to also support our administration and prime broker clients."
"We're very pleased that Paladyne selected Geneva as its fund accounting platform to be delivered on an outsourced basis. With Paladyne, hedge funds now have the option of choosing Geneva on a hosted basis, giving them access to a world-class technology infrastructure that until now was only available as an on-site installation. We feel this is a compelling value proposition," said Peter Hess, Senior Vice President and General Manager for Advent's Global Accounts business.
The PALADYNE suite is available as a hosted ASP platform and the PALADYNE products also may be installed locally at a customer site. With the addition of Geneva, the integrated PALADYNE suite now includes:
- Paladyne Portfolio Master - provides order management and allocation, portfolio management, real-time P&L, and strategy-based performance tracking.
- Paladyne Portfolio Analytics - provides portfolio analytics, data aggregation, and custom reporting tools.
- Paladyne Security Master - provides a centralized terms and conditions repository and distribution engine with real-time updates and corporate action alerts.
- Paladyne Price Master - provides automated collection, storage, and analysis of prices and market data from any third-party sources.
- Paladyne Client Master - provides complete client relationship management including website integration and reporting.
- Advent's Geneva - complete portfolio accounting solution including general ledger reporting, performance measurement, and portfolio reporting.
Paladyne is currently servicing clients on its hosted technology platform and expects several clients to be using Geneva in its hosted environment later this year.