TPG Buys a Stake in Advent Software

TPG has invested in Advent Software, which was up for sale earlier this year.

TPG, the PE firm founded by David Bonderman and James Coulter, acquired roughly 7.5 million Advent shares for $190.4 million, according to an April SEC filing. Selling shareholders include SPO Partners, the successful investment firm founded by John H. Scully and William E. Oberndorf in 1989, the filing said.

TPG’s stake in Advent Software doesn’t appear to be very big. The shares sold to TPG don’t exceed 14.9% of Advent’s outstanding stock, the filing said.

Officials for TPG declined comment.

San Francisco-based Advent provides software and services to the global investment management industry. It posted revenues of $358.8 million in 2012, up 10 percent from 2011, Reuters has reported.

Advent Software was up for sale earlier this year, Reuters said in March. Qatalyst Partners, Frank Quattrone’s investment bank, advised on the auction. TPG was expected to bid for Advent Software since it acquired Eze Castle Software, an Advent competitor, in January. Also, Asiff Hirji, a partner with TPG, has been a director on the board of Advent since 2011.

The auction was pulled when Advent, later in March, said it decided to continue as a independent company.

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