Advent stock tumbles as no plans for sale
Shares of Advent Software tumbled Monday because the company has no plans to sell itself following a strategic review.
Advent Software Inc., which provides software and services for the investment management industry, said its current strategy and strong balance sheet as an independent company would best allow it to serve shareholders.
Last week a Reuters report, citing unidentified people, said that Advent was weighing selling itself. The report said that Advent had received interest from private equity firms but wanted a higher price than they were considering.
Advent's profit rose 7 percent, to $30 million, while revenue grew 10 percent, to $359 million, in 2012.
The San Francisco company's stock fell $2.67, or 9.3 percent, to $26.18 in morning trading. The stock is still up about 20 percent in 2013.