The platform technology firm behind the Fidelity and Nucleus platforms has promised its clients “superior” technology following its acquisition of an Australian business.
Bravura has agreed to acquire the Australian platform technology provider FinoComp whose clients include the Aegon and also the Nucleus platform.
In a release out this morning (October 29), Bravura stated the acquisition would allow it to provide “superior joint technology” for clients in areas such as data analytics, client reporting and compliance.
It also said the deal will allow it to spend ”significant” sums on research and development.
Bravura currently provides the core operating technology for platforms while FinoComp provides technology that enables customers to carry out specific tasks on any platform.
Bravura is paying £13.3m for the company and the transaction is expected to be completed by the end of October after which the senior management of FinoComp will join Bravura.
Tony Klim, chief executive of Bravura, said: “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 agreement to provide technology directly to Nucleus was announced in November 2018. Previously, Nucleus had accessed the technology via a third party.
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