Bravura Solutions has acquired FinoComp for a total consideration of $25 million.
FinoComp is an Australian software company that will add functionality to Bravura and bring new wealth management clients from the UK.
"They provide software for data analytics, client reporting, performance reporting and regulatory compliance built on a micro-services architecture. FinoComp's clients include leading UK wealth management institutions, such as Aegon and Nucleus," Bravura said.
The software company said the acquisition was made in a bid to deepen Bravura's technical capabilities, creating a compelling opportunity to deliver "plug and play" solutions to a broader addressable market.
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"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," Bravura's chief executive Tony Klim said.
Bravura added that the acquisition also opens significant cross-sell opportunities between FinoComp and Bravura clients.
Managing director of FinoComp, Ray Tubman 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 complete by the end of October this year, with the founders and senior management of FinoComp expected to remain a core part of the business.