Advent Software, the widely adopted back-office software provider for investment professionals, is adding a front-office research management solution (RMS) component to its portfolio of automated advisor tools through a $70 million cash-and-stock acquisition of privately Tamale Software.
The six-year-old Tamale, which has offices in New York, Boston, San Francisco, Chicago, Los Angeles and London, sells a subscription-based service (Tamale RMS) of sell-side research and analysis through a centralized hub. According to San Francisco-based Advent, Tamale RMS is already used by more than 1,700 investment professionals at hedge funds, endowments, private equity firms and traditional asset management firms.
"Tamale RMS complements Advent's product offerings,” says Advent CEO and founder Stephanie DeMarco, “and the integrated solution will bridge research management and portfolio management to increase efficiency and link analysts' recommendations to investment performance."
Advent, which is fronting $28 million in cash for Tamale, has more than 4,500 clients, including prime brokers Goldman Sachs, Credit Suisse First Boston, Merrill Lynch and Jefferies & Co.