To Extend Reach, Advent Acquires Data Exchange
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Advent Software Inc. has purchased competing portfolio management and accounting system vendor Data Exchange Inc. Advent was drawn to acquire Data Exchange because the latter had two things the former lacked: relational database technology and a high-end customer base consisting of firms having an average of $7 billion in assets. Advent plans to retain all 38 Data Exchange employees--including Data Exchange's president Bruce Hechler.
The San Francisco-based Advent paid $4.8 million cash for the
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