Bravura Solutions Limited (ASX:BVS) (Bravura) has today announced that it is to acquire FinoComp for a total consideration of A$25m.
FinoComp is an Australian software company that builds unique, registry-agnostic and highly flexible software that supports the UK wealth market. They provide software for data analytics, client reporting, performance reporting and regulatory compliance built on a microservices architecture. FinoComp’s clients include leading UK wealth management institutions, such as Aegon and Nucleus.
The acquisition deepens Bravura’s technical capabilities, creating a compelling opportunity to deliver “plug and play” solutions to a broader addressable market. A superior joint technology proposition opens up the potential to capture a greater share of technology spend from existing clients. The acquisition also opens significant cross-sell opportunities between FinoComp and Bravura clients. Further revenue opportunities are also possible by expanding FinoComp’s software into adjacent markets and geographies in the future, including financial advice, funds administration and private client wealth management.
FinoComp has 35 employees in Australia and the UK and comprises seasoned senior management, mathematicians and experienced developers with diverse backgrounds specialising in critical infrastructure.
Commenting on the acquisition, Tony Klim, Chief Executive Officer said:
“The combination of Bravura and FinoComp unlocks a strategically compelling opportunity for Bravura’s market- leading technology to drive more of our clients’ mission-critical operations. Combined with FinoComp’s cutting-edge technology, the acquisition extends Bravura’s wealth management offering.”
Commenting on the acquisition, Ray Tubman, Managing Director of FinoComp said:
“Bravura has an outstanding reputation in the marketplace. We share common values and are delighted to join Bravura in the pursuit of delivering world-class solutions for our clients.”
The transaction is expected to be completed by the end of October 2019. The founders and senior management of FinoComp are expected to remain a core part of the business.
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