Sydney, 16 December 2009 (ASX: BVA / OTCQX: BRVSY) - Bravura Solutions Limited (Bravura) - a leading global supplier of wealth management applications and professional services - is pleased to announce today the appointment of Mr Brian Mitchell as a Non-executive Director.

Mr Mitchell has over 30 years experience in the IT industry gained from working in the United Kingdom, Australia, Asia Pacific and the USA. He has worked for a number of leading information technology companies in Business Development, Marketing, Sales and Executive Management positions, and has also participated in and chaired a number of Boards.

Most recently Brian was Senior Vice President, Oracle Asia Pacific, responsible for growing Oracle's expanding software and services activities throughout Asia Pacific. He previously held the position of Managing Director, Oracle Australia and New Zealand.

Mr Neil Broekhuizen, Interim Chairman of Bravura said: "On behalf of Bravura's shareholders, we welcome Brian to the Board of Directors. I am delighted to announce this appointment, and am certain that his skills in operational management, growing and developing new business, client focus and his experience in integrating strategic acquisitions, general business strategy and planning will be of great benefit to Bravura."

Mr Mitchell said: "I'm very pleased to join Bravura's Board and look forward to the challenge and opportunity this role will provide. I believe that my broad experience in the hardware, software and services sectors will enable me to make significant contributions to the Company."

Brian is a Fellow of the Australian Institute of Company Directors, a Fellow of the Australian Marketing Institute and an Associate Fellow of the Australian Institute of Management.

Sydney, 30 October 2009 (ASX:BVA/OTCQX:BRVSY) - Bravura Solutions - a leading global supplier of wealth management applications and professional services - has ranked 64 amongst the FinTech 100 group of companies, as named by Financial Insights and American Banker magazine. This is the third year that Bravura has secured a position on the list and it has held steady in the same position as 2008. Bravura is the only Australian company to be ranked on the list this year.

Iain Dunstan, Group CEO and Managing Director of Bravura said: "Achieving a place in the FinTech 100 for a third year clearly reflects our solid market presence and long-term sustainability."

The FinTech 100, now in its sixth year, is an annual listing of the world's leading vertical technology vendors which generate more than one third of revenues from the financial services sector. Global revenue was a key component for Bravura's standing, attesting to the company's strong presence across the APAC and EMEA regions where it operates.

"We are pleased with our solid financial performance this year," said Mr Dunstan. "During FY2009, in one of the most economically challenging years in our history, and when many companies experienced significant losses, our ability to maintain solid revenue and net profit figures provides a clear indication of our staying power and the quality of our offering.

"We have signed several new client contracts with leading financial institutions over the past year, including JPMorgan Asset Management, Health Super, Myer Family Office, Bao Viet Life and the Australian National University, and have a strong pipeline of opportunities."

In addition, Bravura has continued to win awards and achieve placements on prominent business rankings, including a number two ranking in BRW Magazine's list of Australia's fastest growing companies (BRW Fast Starters), the Australian Business Award for International Trade and a position in the Finextra Innovation Showcase.

FinTech 100 rankings are determined on the basis of calendar year-end revenues and the percentage of revenues attributed to financial services.

To view the FinTech special report, visit www.AmericanBanker.com/fintech100

Sydney, 30 September 2009 (ASX: BVA/OTCQX: BRVSY) – Bravura Solutions Limited (Bravura), a leading global supplier of wealth management applications and professional services announced today that they have signed a five-year agreement with The Australian National University (ANU) for Bravura’s Garradin Investment Management system.

Bravura’s Garradin will replace ANU’s current custom designed in-house system for managing investment portfolio assets, unit holder information and unit pricing.

Established in 1946 in Canberra, ANU has over 3,300 staff, comprising academic, part-time and general staff, with a student population of over 15,000 of whom 3,100 are postgraduates.

“We are pleased to begin work with ANU,” said Simon Woodfull, Group CEO & Director – Operations.

“This project will deliver an investment management system that will systematically bring together all unit holder, portfolio asset data and related transactional information from the current ANU systems into an integrated investment accounting and management system.

“The University’s decision to implement Garradin follows the agreement of Northern Trust and the Myer Family Office to implement the solution, demonstrating its unique offering to the private wealth management and portfolio administration markets,” he said.

Sydney, 21 September 2009 (ASX: BVA/OTCQX: BRVSY) - Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services - is pleased to announce that it has secured the eleventh position on the Smart Company Smart50.

The Smart50 list, compiled by SmartCompany - a free news, information and resource site for Australia's entrepreneurs, small and medium business owners and business managers - is based on revenue growth over the last three financial years. The fastest growing companies are ranked in order.

Iain Dunstan, Bravura's CEO and Managing Director, said: "We are extremely proud to have ranked amongst the Smart50. It is a real indication of the calibre of our company that, even in such turbulent economic conditions, Bravura continues to win awards, demonstrate solid performance and is recognised for business excellence."

To be ranked as a fast growing SmartCompany, a business must:

• Report the last three fiscal years of revenue
• Show revenue growth for each year
• Be Australian (not a subsidiary of a multinational)
• Not exceed revenue of $200 million
• Have revenue above $500,000

To review Bravura's profile for the Smart50, visit http://www.smartcompany.com.au/smartcompany-awards-2009/bravura-solutions.html

London, 07 September 2009 (ASX: BVA/OTCQX: BRVSY) – Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services – today announced the appointment of Kevan Ward as Product Manager – Life and Pensions.

Mr Tony Klim, CEO EMEA said, “We are delighted to welcome Kevan to the company and to our team of product experts. With over 30 years of financial services experience and a detailed understanding of the life and pensions industry, including market trends and government initiatives, his knowledge and expertise will be a valuable contribution to the organisation.”

“We see the life and pensions market in the EMEA region as a growing and lucrative industry, and are confident that Kevan’s addition to the team will help us to capitalise on the many opportunities that we are already seeing.”

Kevan’s most recent position was Director for Optima Marketing in the UK where, as part of the executive team, he set up a new IFA consolidation business. He was instrumental in developing and launching a ‘private market’ OEIC for distribution by Optima’s member firms and also worked on the development of an investment proposition encompassing whole of market investment content, preferred trading/wrap platforms and access to a full range of tax and product wrappers.

Prior to this, Kevan was Associate Director at Barclays Wealth where he developed and launched a SIPP proposition with Standard Life. He has also worked in a number of other executive and senior roles for financial organisations including Scottish Widows, Lincoln National and AIG in the United Kingdom and, Liberty Life in South Africa.

Kevan, who commenced his role at the beginning of September 2009, has an Actuarial background and studied Business Science at Cape Town University in South Africa and Strategic Marketing at the Chartered Institute of Marketing in the United Kingdom.

Sydney, 1 September 2009 (ASX: BVA/OTCQX: BRVSY) Further to the announcement issued by Bravura Solutions Limited (Bravura) on 27 August 2009, Bravura confirms that it has today issued and allotted a total of 103,254,303 new shares to those shareholders who participated in the recently completed rights issue. Normal trading in these newly issued shares will commence on Wednesday, 2 September 2009. Holding statements have been despatched to shareholders participating in the rights issue recording their adjusted holdings.

Bravura intends to issue a total of 119,699,303 new shares to wholly owned or affiliated subsidiaries of Ironbridge Fund II, a fund that is managed or advised by Ironbridge Capital Pty Ltd (Underwriter). These shares represent the final number of shortfall shares that were not taken up by Bravura shareholders under the rights issue. The issue of these shortfall shares to the Underwriter is now expected to occur on 4 September 2009 (being earlier than the previously scheduled date of 11 September 2009 referred to in Bravura's announcement of 27 August 2009).

Therefore, on completion of the Underwriting Agreement, the total number of new shares issued will be 222,953,606. This is 13 more shares that the 222,953,593 shares, the subject of the Appendix 3B application lodged by Bravura with ASX on 27 July 2009 at the time the rights issue was first announced. This discrepancy is attributable to the rounding of entitlements of participating shareholders. An Appendix 3B applying for quotation of these additional 13 shares accompanies this announcement.

Sydney, 27 August 2009 (ASX:BVA/OTCQX:BRVSY): On 27 July 2009, Bravura Solutions Limited (Bravura) announced that it would conduct a fully-underwritten non-renounceable rights issue to raise approximately A$33.4 million (before expenses) (Rights Issue).

The Rights Issue closed at 5.00 pm on Monday, 24 August 2009. At the close of the Rights Issue, valid acceptances had been received by Bravura for 103,421,770 shares, raising approximately A$15.5 million and representing a take up of approximately 46 per cent of the new shares offered. The level of under-subscriptions is 119,531,836 shares, equating to approximately A$17.9 million. The figures specified above are indicative and subject to reconciliation, including confirmation that all payments made by participating shareholders have been cleared by the relevant financial institution on which they have been drawn.

Bravura intends to issue and allot shares for which Bravura shareholders subscribed under the Rights Issue on 1 September 2009. Shares for which Bravura shareholders subscribed under the Rights Issue will continue to trade on a deferred settlement basis until that date. Bravura will despatch holding statements to relevant shareholders following allotment of shares.

The Rights Issue is fully underwritten by wholly owned or affiliated subsidiaries of Ironbridge Fund II, a fund that is managed or advised by Ironbridge Capital Pty Ltd (Underwriter). The underwriting agreement between Bravura and the Underwriter is scheduled to complete on 11 September 2009 at which point Bravura will issue to the Underwriter the shares that were not taken up by Bravura shareholders under the Rights Issue.

The net proceeds from the Rights Issue, including the funds to be received from the Underwriter for the shortfall amount, will be available to reduce bank debt by mid-September 2009.

Based on the indicative shortfall of 119,531,836 shares and subject to the underwriting agreement completing on 11 September 2009, the Underwriter will emerge with a shareholding in Bravura of approximately 33 per cent and will be entitled to nominate two directors to the Bravura Board. The Underwriter's shareholding in Bravura would increase to approximately 46 per cent if the Underwriter elects to exercise all of the 87 million options to be issued to it on completion of the underwriting agreement.

Sydney/London, 5 August 2009 (ASX: BVA/OTCQX: BRVSY) - Bravura Solutions Limited (Bravura), a leading global supplier of wealth management applications and professional services, and Sybase, an industry leader in delivering enterprise and mobile software, have joined forces to allow Bravura to offer its award winning wealth management platform, Talisman, on a hosted basis for the first time in the United Kingdom (UK).

Bravura initially entered into a master partner agreement with Sybase in 2005, to deliver its Sonata Suite of financial services solutions, including the Talisman application, on the high-availability, high-performance Sybase® Adaptive Server® Enterprise (ASE) database platform. Over the past three years, the organisations have worked together to deliver solutions to leading financial services institutions.

Bravura is now able to provide secure hosted applications to support clients' wrap propositions from its UK data centre. Customers will benefit from IT operational advantages including smart partitioning, significant performance improvements brought about by patented query processing and on disk encryption.

Bravura's Talisman solution is an enterprise-wide wealth management platform for the administration of a wide range of tax structures and products, including retirement savings, investment, portfolio administration and life insurance.

Bravura selected Sybase as the platform for Talisman due to the ease of development, deployment and scalability offered by the Sybase platform, which includes Adaptive Server Enterprise (ASE) and PowerBuilder®, as well as Sybase's track record of zero data loss.

"Through our global partnership agreement with Sybase, our wrap platform is being used in the UK market on a hosted basis for the first time. Hosting Talisman reduces time to market for our customers which is critical in current market conditions. Sybase gives us a tremendously resilient platform to underpin our hosted offering," said Nick Parsons, Global CTO at Bravura.

Gary West, Country Manager, Sybase, (UK) Limited, commented: "Our high performance, mission-critical database management systems make it possible for organisations to extend the reach of business-critical information to the frontline of business while reducing operational costs and risk. Together with Bravura, we help enterprises lay the long-term foundation for strategic agility and continuing innovation in mission-critical environments."

Bravura provides professional services and wealth management applications to more than 180 financial institutions globally. More than 18 million customer accounts are administered on Bravura software, with more than US$1 trillion in funds managed globally.

Sydney, 2 July 2009 (ASX: BVA/OTCQX: BRVSY) – Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services has signed a partner program agreement with International Financial Systems Australia Pty Ltd, (i-Financial) a company specialising in providing software solutions, services and equipment to a variety of banks, credit unions and financial institutions worldwide, to supply anti-money laundering software to Bravura’s clients.

Anti-money laundering has become more heavily regulated in Australia following new legislation in December 2006, and as a consequence financial institutions are now required to more rigorously scrutinise their data.

i-Financial’s MLTrac anti-money laundering product delivers web-based compliance tools that together help identify, track and regulate potentially suspicious or illegal activities in respect to money laundering and the proceeds of crime.

“Due to the global nature of Bravura’s business, it was important to choose a partner that has a presence in both Australia and the UK, and would be able to assist our clients in identifying and tracking suspicious transactions,” said Darren Stevens, Bravura’s Global Head of Product.

“Bravura continually searches for new and innovative ways to offer our clients the best the market has to offer. Outsourcing our anti-money laundering needs to a best of breed supplier, such as i-Financial, was the clear choice for our clients. We chose i-Financial because of its solid track record in providing responsive service, successful delivery and superior technical skills across a broad range of hardware, software and service offerings,” he said.

MLTrac offers a modular approach tailored to provide the appropriate level of functionality for the defined level of risk and need of each entity.

Its online capabilities capture data and relevant documentation from new customers, checking it against a range of government watch lists and electronic verification services. The product automatically detects changes in the lists and continuously sweeps the existing customer database ensuring that all customers remain compliant. MLTrac can also link into third party providers.

One of the modules, Know Your Customer (“KYC”), allows users to manage commencement and ongoing customer due diligence requirements, as well as providing a watch list checking engine to validate customers against persons of known interest. MLTrac also delivers an account monitoring module with flexible business rules to identify possible suspicious trends, and a transaction level monitoring module for identifying and investigating individual transactions as defined by the user.

“We are delighted to partner with Bravura to offer MLTrac to its client base,” said Chris Kelly, i-Financial’s Sales Director in Australia.

“In choosing MLTrac, Bravura has gained the ability to assist its clients to improve their internal disciplines, supplement their policies and procedures, and make a clear statement to authorities about their commitment to effective anti-money laundering controls,” he said.

Sydney, 29 June 2009 (ASX: BVA/OTCQX/BRVSY) - Bravura Solutions – a leading global supplier of wealth management applications and professional services – and Thunderhead, a market leader in document automation and customer communications solutions, today announced they have signed a global referral agreement, giving Thunderhead the opportunity to supply its software to Bravura clients, offering an integrated enterprise solution for producing multi-channel member communications.

Under the terms of the agreement, Bravura’s clients will be able to take advantage of Thunderhead’s powerful enterprise communications platform, Thunderhead NOW, which enables business users to control the creation and delivery of personalised customer communications. The platform’s multi-channel capabilities ensure that the right information is delivered to the right audience, via customers’ preferred channels, quickly, accurately and easily.

Bravura and Thunderhead also share a joint commitment to reduce carbon footprints by offering members the ability to reduce paper usage through clearer, more concise statements and alternative paperless member communications, such as email, Web and SMS messages.

“We are excited by our new partnership with Thunderhead,” said Darren Stevens, Bravura’s Global Head of Product. “We were looking to partner with an innovative provider that is respected in the financial services industry and understands the market’s specific needs. We also wanted a partner that would complement our existing and future solutions.

“We anticipate significant benefits for our clients that choose to work with Thunderhead. They can expect to experience a reduction in costs, streamlined processes and greater consistency across communication channels to all of their customers,” he added.

The combination of Bravura and Thunderhead applications will provide a valuable solution for product providers to create and manage client communications. The new joint offering will enable electronic distribution to cut costs, as well as tailored and targeted messaging and segmentation, automated content control for audit and compliance requirements, and multi-channel and white-label (for multiple brands) communications delivery.

“Bravura’s transfer agency and wealth management products have firmly established its leading position in the marketplace,” said Thunderhead CEO Glen Manchester. “Similarly, Thunderhead is a recognised leader in the customer communications management market, with our proven, yet highly innovative NOW platform. We look forward to working with Bravura to help financial services organisations to both streamline communication processes and improve customer engagement.”

Sydney, 23 June 2009 (ASX: BVA/OTCQX: BRVSY) – Bravura Solutions (Bravura or Company) - a leading global supplier of wealth management applications and professional services – announced on 18 May 2009 details of a Recapitalisation Proposal.

The Explanatory Memorandum for this proposal has now been lodged with the Australian Securities Exchange (ASX). The Explanatory Memorandum is available through ASX and will be distributed to shareholders over the coming days. A General Meeting to vote on the Recapitalisation Proposal will be held on Friday, 24 July 2009.

The Independent Directors recommend that shareholders vote in favour of all five resolutions required to approve the Recapitalisation Proposal, and they intend to vote all their Bravura shares in favour of the Recapitalisation Proposal, in each case in the absence of a superior proposal.

Bravura's Chairman, Chris Ryan said: “The Recapitalisation Proposal affects shareholders’ investment in Bravura, and therefore voting is important in determining whether the proposal proceeds.

“For the financial year ending 30 June 2009 Bravura expects to deliver revenue of between $135 million to $140 million and EBITDA of between $16 million to $19 million. This result would be similar to that achieved in 2008 and would represent a creditable outcome, given the impact of the global financial crisis on our customers. The pipeline of prospective contracts remains strong, although in the current climate, the signing of new licence agreements are being delayed but certainly not foregone.

“Presently, over 65 per cent of Bravura’s income is derived from recurring revenue streams that provide a source of predictable and stable revenue. In the current financial year we reduced our cost base by approximately $4 million per annum, which will provide greater operational leverage to take advantage of an improvement in economic conditions.

“The Board recognises the importance of dividends to its shareholders and earlier in the year took the difficult but prudent action of suspending dividend payments. If the Recapitalisation Proposal is approved by shareholders and the Rights Issue completed by mid-August, Bravura will again be on a sound financial footing. Subject to the continuation of favourable operating conditions, the Board will consider reinstating dividends as soon as practical,” Mr Ryan said.

“If the Recapitalisation Proposal proceeds, shareholders will have an opportunity to increase their investment in Bravura at a price of $0.15 per share.  The Independent Expert has recognised the inherent value of our business and concluded that on a fully-diluted control basis, the fair market value of Bravura shares is in the range of $0.20 to $0.31.

“The successful recapitalisation will enable Bravura to eliminate uncertainty surrounding the Lift Capital margin loans to Messrs Dunstan and Woodfull, which relate to 30.3 per cent of the Company's shares, reduce the Company's indebtedness and focus on delivering its long-term potential for shareholders.

“The Independent Expert has concluded that although the Recapitalisation Proposal is not fair, in the absence of a superior proposal, the advantages of the Recapitalisation Proposal outweigh the disadvantages, and therefore, the proposed transaction as a whole is reasonable.

“Bravura and its advisers have considered alternatives to the Recapitalisation Proposal. This included reviewing a number of other unsolicited indicative proposals and expressions of interest. However, none of these were considered to offer the same value and certainty as the Underwriter's proposal, including execution, funding and timing certainty.

“Bravura has not received a superior proposal to the one detailed in the Explanatory Memorandum. As at today's date, the Independent Directors have no basis for believing that a superior proposal will be received. Having considered the expected advantages, possible disadvantages and risks of the Recapitalisation Proposal, we are confident that this proposal delivers the best available outcome for Bravura’s shareholders in the medium to long term and is in their best interests.

"If the Recapitalisation Proposal proceeds and the timetable is met, Bravura will be able to meet its repayment obligations to its lender, BOS International (Australia) Limited (BOSI), by 15 August 2009, being the timeframe agreed with BOSI.

“The Recapitalisation Proposal affects your investment in Bravura. I encourage all shareholders to read the Explanatory Memorandum in its entirety, consult their professional advisers if necessary, and exercise their vote on this important capital initiative to ensure the Company’s long-term future,” Mr Ryan said.

Summary of key dates

1.    A separate timetable for the Rights Issue will be released to ASX after the General Meeting (assuming all resolutions are duly passed at that meeting on 24 July 2009).  No prospectus will be issued by Bravura for the Rights Issue, as it is intended that this capital raising will be undertaken without a formal disclosure document under the ‘undocumented’ rights offer regime in section 708AA of the Act, as modified by ASIC Class Order 08/35.

If shareholders have any questions on the Recapitalisation Proposal, they should call the Bravura Shareholder Information Line on the following numbers or consult their professional adviser:

Bravura Shareholder Information Line
Within Australia    1800 218 694 (toll free)
From Overseas    +61 2 8280 7601

Sydney, Vancouver - 4 June 2009 (ASX: BVA/OTCQX: BRVSY) - Bravura Solutions (Bravura), a leading global supplier of wealth management applications and professional services, and FINCAD, a leading global provider of financial analytics, today announced that Bravura has entered into a formal agreement to use FINCAD's derivatives analytics solutions and services.

Bravura has joined the FINCAD Alliance Program, allowing it to embed FINCAD's analytics library into its Garradin investment management system. This will provide additional pricing and risk analysis capability, and will address the need among Bravura's buy-side clients for solutions that offer independent and transparent valuations of their securities, particularly for OTC derivatives.

"By employing FINCAD's analytics solutions, we are significantly extending and enriching the functionality of the Garradin investment management system," said Iain Dunstan, Bravura's Group CEO and Managing Director.

"Garradin clients will be provided with seamless access to industry standard analytics to value and assess the risk of their derivatives and debt securities. The library's comprehensive coverage includes all major asset classes, covering a full range of exotic and vanilla instruments," he said.

FINCAD's analytics library is made available through the FINCAD Analytics Suite for Developers software development kit, which allows firms to embed the extensive library of cross-asset financial analytics into other applications, such as Garradin. The FINCAD analytics will also be considered for other Bravura products.

"We are pleased to welcome Bravura to our growing FINCAD Alliance Program," said Amar Budhiraja, Director, FINCAD Alliance Program."As the global demand for independent and transparent valuations increases at a rapid pace, we look forward to working with Bravura to meet the pressing needs of their clients and further expanding the use of FINCAD's analytics among buy-side firms in the Asia Pacific region."

Garradin is a comprehensive, multi-currency investment management system with integrated asset management, registry and tax management functions. It is a fully modular solution that can be deployed across multiple sectors including retail wealth management platforms.

Not for distribution or release in the United States (U.S.) or to, or for the account or benefit of, U.S. persons

Sydney, 12 March 2009 (ASX: BVA/OTCQX: BRVSY) – Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services – today announced the appointment of a new Chief Financial Officer.

Ms Rebecca Norton has been appointed to the role, reporting directly to Iain Dunstan, Managing Director and Chief Executive Officer. Ms Norton takes over from Mr Jonathan Kenny.

Mr Iain Dunstan said, “We are delighted to welcome Rebecca to the company and to the Executive team. With over 20 years of finance experience throughout Australia, New Zealand, Asia, and Europe, her background in the IT industry, and her knowledge and expertise in financial, operational and change management arenas, will be a valuable addition to the organisation.” 

Norton’s most recent position was a dual role as the Chief Financial Officer and Chief Operations Officer of the Business Objects Asia Pacific division of SAP. Her responsibilities included the integration of the Business Objects organisation effectively into the SAP business from both a financial and commercial perspective, the implementation of metrics and dashboards to measure overall performance of the Business Objects acquisition and change management across the business through the integration of the two companies. Rebecca was also responsible for operational decisions including go to market models, partner enablement and selling practices.

Her prior role, also at Business Objects was as the Vice President Finance, for Asia Pacific and Japan. Her challenge was to create an organisation that was a cost effective provider of financial services covering business decision support, corporate governance oversight, and transactional management excellence. Some of her achievements include transforming country controllers to value added business partners, improving the understanding of ethics and compliance and standardising the IT infrastructure, and assisting in identifying significant revenue opportunities for the company.

Prior to this, she worked for Lexmark International Asia Pacific, as the Finance Director and has held numerous other financial positions in her long and successful career.

Ms Norton has a Bachelor of Business in Accountancy and has studied Systems Analysis and Design at Charles Sturt University. She is also a Certified Practicing Accountant. 

Ms Norton will officially commence her role on 6th April 2009.

The company secretarial role that Mr Kenny had been undertaking will now transfer to Ms Christine Nicholls, the Global Head of Legal. Ms Nicholls takes on this responsibility immediately. 

Sydney, 24 February 2009 (ASX:BVA / OTCQX:BRVSY) – Bravura Solutions (Bravura) – a leading global supplier of wealth management applications and professional services – today reported record first half year earnings with a Management Adjusted EBITDA of $11.0 million. The Company experienced total revenue growth of nine per cent to $73.9 million and strong operating cash flow performance of $13.0 million; an increase of $8.6 million.

Earnings per Share was 1.86 cents, representing a net profit after tax of $2.6 million. Earnings per Share (on a Management Adjusted basis) was 3.29 cents, based on a Management Adjusted net profit after tax of $4.7 million.

*Management has concluded that the exclusion of certain items promote a more meaningful analysis of underlying performance on a comparative basis. These adjusted results are used internally by management to measure performance, and are referred to as ‘Management Adjusted Results’.

Management Adjustments promote transparency and facilitate shareholder understanding of the comparative operating performance of the business. Three items have been excluded from 1H09 accounts in arriving at the 1H09 Management Adjusted Results:

• Corporate and advisory transaction fees associated with proposals to acquire all of the shares in Bravura and other corporate affairs; and
• Foreign exchange gains and losses on derivatives primarily associated with foreign exchange forward contracts entered into as part of acquisitions; and
• Unrealised foreign exchange gains and losses.

The Company does not consider such items to be within normal operating activities, therefore, they have been excluded.

Strong organic revenue growth

The Company experienced strong organic revenue growth in 1H09. Total revenue grew by $6.3 million in 1H09, resulting in total revenue of $73.9 million for the period. Sales revenue (excluding interest) for the period increased by eight per cent to $73.0 million, an increase of $5.6 million on the corresponding period.

Revenue in Europe, Middle East and Africa (EMEA) increased by 14 per cent to $50.4 million as a result of significant organic growth in the transfer agency business.

Revenue in Asia increased by 12 per cent to $3.6 million through organic growth, contributing five per cent of 1H09 sales revenue.

Sales revenue in Australia and New Zealand decreased marginally by five per cent to $18.9 million due to a downturn in New Zealand revenues, and a marginal slowdown in legacy system revenue as clients position themselves to upgrade to the new Sonata suite.

Licence fee revenue increased by 30 per cent to $19.2 million compared to the prior period, reflecting new licence sales of transfer agency software in the UK and robust licence sales of wealth management products in Australia and the UK. Overall, licence fees accounted for 26 per cent of sales revenue in 1H09, compared with 22 per cent in the same prior period.

Professional services revenue of $30.9 million increased by three per cent on the prior period, reflecting upgrades by existing customers and professional services arising from the implementation of new contracts. Rufus contributed $13.1 million in 1H09 and Talisman contributed $10.4 million. Overall, professional services were 42 per cent of sales revenue for 1H09, compared to 45 per cent in the previous period.

Maintenance revenue increased by one per cent to $22.5 million compared to the prior period, reflecting the expanded licence base, increase in transaction volumes administered and funds under management. The maintenance growth rate was negatively impacted by fluctuating foreign exchange rates during the period. The maintenance revenue growth rate would have been five per cent had the 1H08 exchange rates been used. Overall, maintenance accounted for 31 per cent of sales revenue in 1H09, compared to 33 per cent in the previous period.

The current economic environment has resulted in increased foreign currency volatility in the period. Foreign exchange fluctuations reduced reported revenue by $2.8 million in the period.

Successful cost containment

Operating costs increased by $4.1 million (seven per cent) to $61.9 million, reflecting the integration of historical acquisitions, restructuring costs of $1.5 million and non-recurring data centre migration costs of $2.2 million. Excluding these items, operating costs increased by $0.4 million or one percent. This stability in underlying operating costs reflects the successful implementation of cost containment and efficiency initiatives across the business over the last twelve months. These initiatives are expected to provide further benefits in 2H09 and beyond.

The Company’s R&D expenditure increased by 19 per cent on the prior period and includes $5.0 million already spent on R&D. This investment for the future reflects Bravura’s ongoing commitment to developing wealth management and administration solutions for its clients.

14 per cent EBITDA increase

EBITDA for 1H09 was $11.0 million, a 14 per cent increase on 1H08. The EBITDA margin was impacted by a number of non recurring items, including restructuring costs of $1.5 million and
new data centre migration costs of $2.2 million. EBITDA margins increased by one per cent to 15 per cent in the period with normalised EBITDA margins improving to 23 per cent, up from 17 per cent in the prior period.

Amortisation, depreciation and financing costs

Amortisation and depreciation expenditure of $4.3 million increased by 23 per cent on 1H08, due to the finalisation of acquisition accounting for previous acquisitions of $0.2 million and the commencement of depreciation on costs capitalised for the data centre.

Finance costs of $2.6 million decreased by 19 per cent on the previous half year. The decrease is attributable to the reduction in the final payment for the Rufus Software business acquisition that resulted in a revision to the non-cash interest taken in current and prior years reducing net finance charges by $0.7 million. The decrease in finance costs was offset by an increase in interest in borrowings due to additional draw downs on the current debt facility.

Other non-operating items that affected NPAT included net unrealised foreign exchange/derivative losses of $1.1 million, representing a $0.2 million increase in the period.

The tax charge decreased by 29 per cent on the corresponding period despite the higher net profit before tax; this is attributable to a R&D tax concession receivable reducing the overall tax\ charge.

Dividend

The existing Company policy is to pay 50 per cent of NPAT as a shareholder dividend. However, no dividend is proposed at this time as the Company focuses on maximising operating cash flow and debt reduction strategies.

Positive balance sheet

The Company’s financial position remains positive with total assets of $212.2 million and net shareholder funds of $90.6 million as at 31 December 2008.

There was a significant net increase in intangible assets of $23.7 million relating to the Citi acquisition and a reduction in the final payment for the Rufus acquisition offsetting the increase.

The Company’s current funding facility remains at $65.0 million as at 31 December 2008. Net borrowings as at 31 December 2008 were $50.1 million compared to $40.0 million as at 30 June 2008.

The working capital facility has been reclassified to current liabilities as it is required to be repaid each calendar year. This has resulted in net current liabilities of $15.9 million as at 31 December 2008. The directors are confident that the facility will be refinanced or reduced from operating cash flow within the current calendar year.

Solid operating cash flow

The Company experienced solid operating cash flow for the half year of $13.0 million compared to $4.4 million in 1H08. Strong revenue performance and company-wide working capital initiatives have reduced debtor days from 52 to 43 in the period and has contributed to the strong positive operating cash flow.

The Company made final payments on the Rufus and Garradin acquisitions and initial payments for the Citi acquisition totalling $15.1 million. Where vendors are also customers of Bravura, cash receipts and payments for acquisitions are net settled where possible. These have been presented on a gross basis in the cash flow statement as separate components of operating and investing activities in order to present the underlying substance of the transaction.

Capital expenditure decreased by $4.3 million from 1H08 returning to normal levels as the new London data centre set–up expenditure was largely finalised.

Financing cash inflows were $10.2 million relating to the draw-down of debt funding of $10.9 million and debt repayments of $0.7 million used to finance acquisition payments and working capital requirements.

Strategic outlook

The Company believes that it is on track to deliver increased revenue and earnings growth for a third consecutive year, primarily achieved through organic growth and driving improved margins. Our previously stated full year EBITDA guidance of $19 million to $24 million is maintained.

Having successfully integrated the businesses acquired, the Company is now firmly established in its new markets. The Company has high expectations in particular for the Talisman, Sonata and Rufus applications in the UK and Asia/Pacific regions.

Growth is expected to continue in 2H09, provided there is no further deterioration of global financial markets. This statement is based on the volume of work currently contracted and the quality of existing pipeline opportunities.

The Company’s focus for 2H09 will be on maximising operating cash flows and debt reduction strategies.

London, 17 February 2009 (ASX: BVA/OTC: BRVSY) – Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services – is pleased to announce that it has been selected for the 2009 Finextra Innovation Showcase. The showcase highlights the most innovative technologies, products and projects in financial services over the last 12 months.

Bravura’s submission for the financial messaging and connectivity category focuses on its Babel Vestima+ service, which, in partnership with Luxembourg-based e-Business & Resilience Centre (eBRC), seamlessly connects EMX, the leading UK based electronic funds trading system, with Vestima+, the automatic funds order routing service. eBRC is an information security and data management company that serves various banking institutions in Luxembourg.

Bravura’s CEO EMEA, Tony Klim said: “We are as pleased to be featured in the Finextra Innovation Showcase, as we are proud of our Babel Vestima+ service. We believe being selected for inclusion in this showcase clearly demonstrates the leading edge nature of our company, and of the Babel Vestima+ service. It is also testament to our commitment to ongoing research and development to drive innovation in the financial services industry.”

Bravura's Babel intelligent messaging platform is widely deployed by financial institutions to transform message formats from a variety of industry standard bodies and proprietary sources into a format that can be translated by the systems of its customers.

Mr Elton Cane, strategy director, Finextra said: “In launching the Innovation Showcase, we sought to highlight some of the most interesting financial technology developments over the past 12 months. What were we looking for? Newness, uniqueness and impact; clever ways of solving a problem; and projects at the leading edge of new industry trends.”

About Bravura’s Babel Vestima+ Cane said: “Despite efforts in recent years to create a borderless investment funds market in Europe, fragmentation of market infrastructures and a lack of automation have continued to act as a brake on the industry’s development. Babel Vestima+ provides a valuable service to help investors benefit from automation without an upfront investment in infrastructure.”

Since going live in August 2008, the Babel Vestima+ service now allows investors to hold UK assets on the Vestima+ platform and trade and settle them electronically as if they were offshore assets. The automation of this process via Babel has eliminated the need for manual processing together with its attendant risks, and also decreased costs by reducing the number of different processes employed to process transactions.

In order to serve Luxembourg based funds effectively, the Babel Vestima+ service is carried out in partnership with eBRC. Together, they use the Babel software in ‘bridging mode' between Vestima+ and EMX, with Babel acting as a relay between the two platforms, translating message formats as required.

This is offered as a service to the financial industry from the data centres of eBRC, which complies with the legal and security standards set by the Luxembourg regulator (Commission de Surveillance du Secteur Financier) CSSF and has Luxembourgish Professional Sector Finance (PSF) accreditation.

Provides leading investment management software to Australia’s premier multi-family office

Sydney, 27 January 2009 (ASX: BVA/OTC: BRVSY) – Bravura Solutions (Bravura) - a leading global supplier of wealth management applications and professional services - today announced that it has signed an agreement with Australia’s premier multi-family office, the Myer Family Office (MFO), for the purchase of its Garradin investment management system.

Recognised by Euromoney magazine for three years in a row as Australia’s leading adviser to families with inherited wealth, MFO applies the knowledge and experience from its work with five generations of the firm's founding Myer family to create enduring prosperity for all its clients and their successive generations. Today MFO offers a comprehensive range of family governance, wealth management and philanthropic services to wealthy families, foundations and charities.

Mr Mathew Browning, Head of Investment at MFO, said: “We are delighted to be progressing towards implementation of Bravura’s Garradin product. After an exhaustive evaluation of solutions on the market conducted with the help of Foxrock Consulting, Garradin was selected for its functionality, low cost of ownership and the strong, local support provided to us by Bravura.”

“We will be using Garradin as a unit registry solution to administer several of our funds on behalf of our family, philanthropic and charitable clients. In particular, Bravura’s agreement to incorporate BPAY functionality was a key consideration, as it is critical to the operation of MFO’s cash management trust. We have purchased the product outright and our agreement also includes a support provision for a five-year period. We look forward to working in partnership with Bravura,” he said.

Mr Simon Woodfull, Bravura Group CEO and Director - Operations said: “The agreement with MFO is part of our ongoing commitment to serving boutique wealth advisers and managers with institutional quality software and service solutions. The unit registry solution purchased by MFO will support it in streamlining its processes and providing its clients with clear information about their holdings.”

Garradin is a multi-currency investment management system, allowing multiple processes to be integrated and existing legacy systems to be replaced. It is a modular solution so it can be deployed across multiple sectors including retail wealth management platforms (such as wraps, master trusts and managed accounts), wholesales investment management, registry, mutual funds and custody.

MFO’s Garradin installation is scheduled for completion in early June 2009.

London / Sydney, 5 January 2009 – Bravura Solutions (Bravura, ASX: BVA) - a leading global supplier of wealth management applications and professional services - has facilitated JPMorgan Asset Management in achieving significant cost savings and operational efficiencies by consolidating all of the UK Asset Management product lines onto a single business platform.

Bravura has worked with JPMorgan AM throughout 2008 on its UK Transformation Program, which was recently completed on time and to budget.

“The UK Transformation Program is a strategic initiative for JPMorgan AM and consolidates its UK product range onto a single platform, Rufus GTA,” said Tony Klim, CEO of Bravura’s EMEA division.

“The program delivered significant cost savings and operational efficiencies to JPMorgan AM, through the development of a common business model for all the UK product lines. All milestones were achieved on time with no impact to the service provided to JPMorgan AM or its investors,” Mr Klim said.

The work has been undertaken with staff from Bravura and JPMorgan’s London offices.

Product lines were transferred progressively onto the Rufus Global Transfer Agency (GTA) platform, starting with the PEP [Personal Equity Plan] migration in May, followed by the Life Funds migration in July and a Rufus GTA upgrade in September 2008. The final migration occurred on 15 November when equities products were moved onto the platform.

Dan Watkins, JPMorgan Asset Management’s Head of European Operations, said the project was a significant achievement for Bravura and the investment bank.

“The successful completion of the rationalisation of our product range on to Rufus GTA was the most critical strategic initiative in the UK through 2008,” said Mr Watkins.

“Bravura’s partnership and focus on delivering to deadlines enabled each key milestone to be met on time and delivered to budget - an excellent achievement by Bravura and the JPMorgan project teams,” he said.

Rufus GTA is one of the most functionally rich transfer agency administration solutions available today. The system is multi-currency, with integrated foreign exchange processing and is multi-lingual. Rufus GTA supports the administration of unit trusts, money market funds, cash, equities and investment trusts and life assets.

“The platform has been a major factor in driving down costs and contributing to the success of some of the largest investment management companies,” Mr Klim said.

“Bravura has demonstrated a persistent ability to deliver change on time and has the products and capabilities to support complex asset management operations,” he said.