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Bravura to make $41m acquisition

Bravura Solutions has announced the acquisition of a UK software company for $41.5 million.

Bravura will acquire Delta Financial Systems for $41.5 million, complementing its core Sonata offering and broadening its products and services.

Delta is a UK software company that provides technology to power complex pension's administration in the UK market.

Bravura said the acquisition helps to broaden its product suite.

"Delta's products represent a natural extension to Bravura's core Sonata offering and expand Bravura's ecosystem of products and services," Bravura said.

"The acquisition also provides an opportunity to offer Bravura's other products to Delta's client base."

Bravura said, building on the FY20 pro forma revenue of GBP6 million, Delta is forecast to achieve revenue growth in the range of 20-30% with margins similar to Bravura's wealth management segment.

Bravura chief executive Tony Klim said: "We are delighted that Delta is joining Bravura.  Both businesses have complementary products that together, provide a compelling offering to support the mission-critical operations of wealth management firms in the UK."

Delta's products support the administration of self-invested person pensions and small self-administered schemes, including a full range of client drawdown options available under the pensions freedoms legislation.

Currently, Delta's technology supports over 30 UK clients.

Delta chief executive Michael Power said: "Bravura is a leader in the UK wealth management marketplace and Delta's products sit perfectly alongside Bravura's offering.  The Delta management team look forward to working together with Bravura to deliver outstanding service to both Bravura's clients and Delta's clients."

The acquisition is expected to be completed by the end of October 2020, subject to regulatory approvals.

Read more: Bravura SolutionsSonataDelta Financial SystemsMichael PowerTony Klim
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