JUNE 20, 2011, SAN FRANCISCO, CA - Harbor View Advisors, LLC served as exclusive financial advisor to Black Diamond Performance Reporting LLC, a leading provider of web-based, outsourced portfolio management and reporting platforms for independent advisors, in its $73 million sale to Advent Software, Inc. (NASDAQ: ADVS). This successful transaction is the culmination of a three-year relationship between Harbor View and Black Diamond in which Harbor View delivered a variety of strategic consulting and advisory services.
Black Diamond and its management team will lead the advisory strategy for Advent Software and will operate as an independent business group within Advent. Reed Colley, Black Diamond’s Founder and CEO, will become General Manager of the Black Diamond group, reporting to Peter Hess, Advent’s President. Black Diamond has grown revenues over 40% per year over the last two years. Upon closing, Advent expects Black Diamond to contribute just under $1 million per month of recurring revenues.
“I’m excited about joining forces with Advent. We are both driven by providing the best solutions for our clients,” said Black Diamond’s Founder and CEO Reed Colley. “Black Diamond now gains access to resources to accelerate both our product development and growth. The combination of Black Diamond and Advent is a great mix of our focused, innovative solutions with one of the most trusted pioneers in investment management technology. Together, I am confident we will continue to redefine how advisors use technology to grow their practices and achieve great results for their clients.”
About Harbor View Advisors
Harbor View Advisors provides buy-side and sell-side M&A advisory to innovative companies. Our unique approach combines the execution expertise of an investment bank with the strategic thinking of a management consulting firm to work with clients and their teams to achieve their goals.
DISCLAIMER This presentation is intended for information and discussion purposes only and does not constitute legal or professional investment advice. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinion or position of Harbor View Advisors, LLC (“HVA”). The information in this presentation was compiled from sources believed to be reliable for informational purposes only. HVA does not endorse or approve, and assumes no responsibility for the content, accuracy or completeness of the information presented.
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