ASX-listed financial software vendor Bravura Solutions has secured its second acquisition in as many months, this time in FinoComp for $25 million.
Much like Bravura, FinoComp is an Australian ISV that provides software for data analytics, client reporting, performance reporting and regulatory compliance catering to the UK wealth market.
The company has 35 staff based in Australia and the UK, and counts UK wealth management institutions such as Aegon and Nucleus among its customers. FinoComp’s founders and senior management are expected to be retained.
Bravura said in an ASX statement (pdf) that the acquisition would open up a raft of new opportunities. Firstly, it will create an opportunity for Bravura to deliver “plug and play” solutions to a broader market, along with cross-sell opportunities between the two companies.
Bravura said there’d also be further revenue opportunities in expanding FinoComp’s software into adjacent market such as financial advice, funds, administration and private client wealth management.
“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,” said Bravura CEO Tony Klim.
“Combined with FinoComp’s cutting-edge technology, the acquisition extends Bravura’s wealth management offering.”
FinoComp managing director Ray Tubman added: “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 acquisition is expected to be completed by the end of October 2019.
Last month, Bravura revealed plans to buy financial planning SaaS provider Midwinter for $50 million.