Ponte Vedra, FL – June 1, 2011 – 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.”
Harbor View Advisors provides M&A advisory, turnkey corporate development and strategic consulting to software and technology-enabled business services companies. Our unique approach combines the strategic thinking of a consulting firm with the execution experience of an investment bank to provide clients with the full spectrum of guidance they need to achieve their goals. Whether you are seeking a path to liquidity for your business or are looking to strengthen your corporate development program, we work with your leadership team to solve your toughest challenges.