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Article: Advent Buys Upscale Reporting Firm.(Kinexus bought by Advent Software of San Francisco)(Brief Article)
- Article from:
- Financial Planning
- Article date:
- February 1, 2002
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Advent Software of San Francisco has announced that it will pay $68.5 million in cash and warrants to acquire Kinexus, a privately held New York company that provides the advisers of high-net-worth clients with sophisticated reports on their investments. The deal, subject to regulatory approval, should close during the first quarter of 2002.
It's an obvious move for Advent, whose software is a leading choice for managing investment data. Kinexus, whose clients include Chase Global Private Banking, the Family Office of First Union's Private Capital Management, the Pitcairn Trust Co. and Wachovia, should give Advent access to the rarified world of the very wealthy. ...