Matt Abar, 31, is the founder of TechFi. At the time of the agreement to sell his company last month, Abar owned about 50% of TechFi stock, giving him close to a $12 million payday on the acquisition by Advent. He has an employment agreement to continue to oversee TechFi as Advent’s transition team gets to work. Here are his predictions:
You can’t get around the fact that the competition aspect is gone. Wait and see if it harms the industry, though. Advent is serious about giving us market segments and building on our technology. We’re far enough along with the integration plans and merger where this is obvious now to me. As far as the fact that there is less competition, you can’t point the finger at Advent. Look at what Schwab has done with Centerpiece.
On their earnings call with analysts, Advent’s chief financial officer said the company was cutting prices. They’re planning to offer Advent on term licenses rather than perpetual licenses. They’re going to take Advent Office to a larger scale. They’ve drastically dropped the front-end price and are charging a little more on the ongoing maintenance price.