Bravura signs outsourcing agreement for European transfer agency services with Citi’s global transaction services

13 November 2008 Bravura signs outsourcing agreement for European transfer agency services with Citi’s global transaction services

Agreement includes acquisition of Citi’s Warsaw based transfer agency software platform

Sydney, Wednesday November 12 2008 (ASX:BVA) – Bravura Solutions Limited (Bravura), a leading global supplier of wealth management applications and professional services, and Citi’s Global Transaction Services, have entered into an outsourcing agreement for the provision of transfer agency technology services to Citi’s Securities and Fund Services business in the European Region. Citi’s Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world.

As part of the agreement Bravura will acquire Citi’s Warsaw-based transfer agency software platform for consideration of US$21 million (A$31.99 million). The acquisition is expected to be EPS accretive in FY09 and beyond, and generate strong recurring revenues and cash flow. The acquisition will be funded using current facilities and the operating cash flows generated by the business over a three year period.

This mutually beneficial agreement will strengthen Bravura’s position as the largest transfer agency application provider in Europe and will enable Citi’s Securities and Fund Services business to better meet evolving client needs relating to transfer agency services and distribution support.