Advent Acquires Hedge-Fund Software Co.
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ADVENT Software has acquired Bold Software, a privately-owned hedge-fund accounting software vendor in an all-stock deal valued at over $1 million. The acquisition for 35,000 Advent common shares is seen as a direct challenge to two leading hedge-fund accounting system vendors: Hedgeware of Mt. Kisco, N.Y. and Shepro Braun Systems of Chicago.
The deal comes at a time when recent Federal legislation signed by President Clinton--the National Securities Markets Improvement Act of 1996--relaxes
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