Pete Hess, CEO of Advent Software, Inc. (ADVS), says the company plays globally across many verticals within investment management. He says the space remains very fragmented, and he sees an opportunity for Advent to grow by displacing older solutions on the market.
“There are a lot of older enterprise on-site-deployed solution providers that may not be making the same level of investment to take full advantage of the new technology paradigm of cloud, mobile and social,” Hess says. “As consumers of technology, we all have new expectations for ease of use, user experience and cost of ownership. These expectations are now working their way into the workplace, and that’s why we’re making investments to engineer our solutions so that they can be easily deployed in the cloud and integrated with other applications.”
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Hess says Advent is making a greater level of investment in new solutions than a majority of other players in the space. But, he says there are some competitor firms that are making investments, and that competition compels his team to continue to make improvements.
“It’s hard for a company to get scale when their growth is dependent upon accounting-system replacement, whether it’s cloud-based or not,” Hess says. “The new entrants we see coming in are almost all in the advisory market — the wealth management space. Ten years ago, everybody was building for hedge funds because that was the market that was fragmenting, and now, everybody is building for wealth management because that’s the market that seems to be growing.”
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