Advent Software, a

US software firm serving the investment management industry, has signed a deal to buy Tamale Software, a privately held supplier of research management services.

Advent will pay approximately $70 million for all of the outstanding capital stock of Tamale, with 60 per cent of the consideration payable in shares of Advent's common stock and the remaining 40 per cent in cash. Advent will issue approximately 900,000 shares based on the average closing price of $46.44 for the 15 trading days prior to the signing date, in addition to approximately $28 million in cash consideration, subject to adjustment for third-party expenses and certain other specified items.

"We chose Tamale Software because, as the clear industry leader and a pioneer in the field of RMS, they bring unparalleled vision and a track record of success as we extend Advent's footprint in the front office with this powerful, game-changing productivity tool for our clients' investment teams," said Advent's founder and chief executive Stephanie DiMarco.

Tamale Software serves more than 1,700 investment professionals at hedge funds, endowments, funds of funds, private equity firms and traditional asset management firms with its Tamale RMS(R) system to manage their workflow and research process.