Advent Software Inc. is acquiring privately held account aggregation and data management services provider Kinexus Corp. for approximately $68.5 million in cash and warrants.
The acquisition is expected to close in the first quarter of 2002 with about 110 Kinexus employees at its New York headquarters joining San Francisco-based Advent. Kinexus includes among its clients JPMorgan Private Bank, Merrill Lynch Wealth Management Services, First Union's Private Capital Management and Wachovia.
Advent plans to combine its TrustedNetwork external account data consolidation product with internal account aggregation and manual data management services offered by Kinexus to offer a comprehensive internal and external investment data reporting product.
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