Reuters: Technology News: Advent Software says to remain independent after review

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Advent Software says to remain independent after review Mar 18th 2013, 13:57 Mon Mar 18, 2013 9:57am EDT (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.

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