Australia-headquartered Bravura Solutions has acquired FinoComp for a total consideration of A$25m (£13.3m, $17.1m, €15.4m) in a deal that is expected to close by the end of October 2019.
FinoComp is an Australian technology company that builds registry-agnostic and flexible software that supports the UK wealth market.
Some of the firm’s clients include insurer Aegon and platform Nucleus.
FinoComp has 35 employees in Australia and the UK. After the deal closes, the founders and senior management of the company are expected to remain a core part of the business.
New markets and opportunities
According to Bravura, the acquisition deepens its technical capabilities and will enable it to deliver ‘plug and play’ solutions to a broader market.
The company currently provides software and professional services for superannuation, pension, life insurance, investment, private wealth and fund administration.
“The acquisition also opens significant cross-sell opportunities between FinoComp and Bravura clients,” the firm said.
“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.”
Chief executive Tony Klim said the acquisition “extends Bravura’s wealth management offering”.
The firm has 12 offices across Australia, New Zealand, the UK, Europe, Africa and Asia.
