March 18 (Bloomberg) -- Advent Software Inc., a developer of software and services for money managers, fell 5.2 percent in New York trading after deciding not to pursue a sale of the company.
After a strategic review, the board determined it was in the best interest of Advent and investors to remain an independent company, according to a statement today. Advent had evaluated its options with financial adviser Qatalyst Partners and the law firm Wilson Sonsini Goodrich & Rosati.
“We engaged in a thorough process and carefully considered various alternatives,” Chief Executive Officer Pete Hess said in the statement. “The board believes we can best maximize shareholder value through pursuing our current strategic plan.”
The move disappointed some shareholders, who were anticipating a windfall from the company being acquired. Before today’s tumble, the shares had climbed 35 percent this year. Advent, which was founded in 1983, sells its financial software to more than 4,500 firms in 60 countries.
Shares of the San Francisco-based company fell to $27.36 at the close in New York, marking the biggest one-day decline since Oct. 31.
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