Bravura to acquire wealth management software company for $25 million

Bravura to acquire wealth management software company for $25 million

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.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Brisbane Airport forecasts arrivals lift over winter school holidays

Brisbane Airport forecasts arrivals lift over winter school holidays

An estimated 2.5 million people are set to pass through Brisbane Ai...

Goterra and City of Sydney to trial turning residential food waste into insect protein

Goterra and City of Sydney to trial turning residential food waste into insect protein

Circular economy scale-up Goterra has reached a deal with the City ...

Women's jobs site Freelancing Gems sells membership business to owner of Beam Awards

Women's jobs site Freelancing Gems sells membership business to owner of Beam Awards

Rockhampton-based Beam in Business, the company behind the diversit...

Record Australian vintage buoys Penfolds amidst China re-entry, higher earnings

Record Australian vintage buoys Penfolds amidst China re-entry, higher earnings

The company behind Penfolds wine is reporting an expected 14.6 per ...