will miss its revenue targets by 19 percent. Irv H. Lichtenwald, chief financial officer, explained that license revenue should tally to around $12 million of Advent's $38 to $39 million for the quarter.
A year ago Advent's revenue was $48 million. The decline in license revenue came after "several very large deals, which were expected to close the last week of June, were being delayed," explained Licthenwald.
Peter Caswell, president and chief executive officer, said that "The unexpected delay in the closing of our TechFi acquisition has added additional stress on the organization and management distraction during the critical final two weeks of the quarter. Although we are confident in the demand for Advent's products and services, we ran out of runway to negotiate and close everything forecasted by quarter end."
Advent is one of the leading providers of portfolio management software to financial advisors.
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