Advent Software has acquired East Circle Solutions, a New York-based company that develops software to automate the billing process for investment management organizations.
“Many firms create billing structures to meet the specific needs of individual clients, but managing these multiple structures is often a manual process and can cause significant overhead in calculating, confirming, and tracking bills,” says Stephanie DiMarco, Advent’s Chief Executive Officer.
“The East Circle solution automates complex billing processes from fee creation to accounts receivable, which not only reduces errors but can improve management insight into a firm’s revenue base,” continues DiMarco. “Advent has a long and successful track record of automating mission-critical processes for more than 4,500 clients, so this innovative solution for billing and revenue management is a natural extension of our core functionality.”
Advent plans to introduce a new version of the product, which will integrate with both Advent Portfolio Exchange and Axys, in the first half of 2007.