Bravura to acquire wealth management software company for $25 million
29 October 2019, Written by Business News Australia
Listed fintech Bravura (ASX: BVS) is poised to acquire Australian software company FinoComp for $25 million.
Like Bravura, FinoComp is a software development company that builds solutions for the wealth management market.
FinoComp currently has clients in the UK including Aegon and Nucleus, and provides them with software for data analytics, client reporting, performance reporting and regulatory compliance.
Bravura says the acquisition will expand on its current capabilities, creating an opportunity to deliver "plug and play" solutions to a broader addressable market.
The company intends to generate further revenue opportunities by expanding FinoComp's software into adjacent markets and geographies in the future, including 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 client's mission-critical operations," says Bravura CEO Tony Klim (pictured).
"Combined with FinoComp's cutting-edge technology, the acquisition extends Bravura's wealth management offering."
The transaction is expected to be completed by the end of October 2019, with the founders and senior management at FinoComp expected to remain a core part of the merged business.
The size of the deal however pales in comparison to its attempted $185 million bid earlier this year for Brisbane-based fintech GBST, which was eventually taken over by FNZ of New Zealand.
Business News Australia
Author: Business News Australia