(Reuters) - Accounting software maker Advent Software Inc said it decided to continue as an independent company after a strategic review, sending shares down as much as 12 percent in early trading.
Advent, which has a market value of about $1.5 billion, had hired Frank Quattrone’s investment bank Qatalyst Partners to explore a sale, Reuters reported on March 12, quoting several sources familiar with the matter.
The company has embarked on a cost-cutting campaign to improve margins as revenue growth slows. Many of its customers, including mutual funds, hedge funds and investment advisers, have been reluctant to spend.
San Francisco-based Advent, founded in 1983, provides software and services to the global investment management industry.
Advent shares were down 9.6 percent at $26.05 on the Nasdaq on Monday morning after falling to $25.45.
Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das