FinoComp founder to exit business

FinoComp founder to exit business
FinoComp's founder and outgoing MD, Ray Tubman

FinoComp, the Australian back-office technology provider Bravura bought for £13m back in 2019, has announced its founder and managing director, Ray Tubman, is to step down.

The software firm said in an announcement today (January 21) that Tubman will continue as a ‘special adviser’ at Bravura in the coming months, before stepping down in June.

Mike Baker was appointed managing director of FinoComp at the beginning of this month, having joined as product head back in 2017.

Tubman founded FinoComp two years earlier, in 2015, with the vision of bringing microservices architecture to the wealth management space.

He grew the business to supply software to advised platforms such as AnaCap-acquired Novia, James Hay-acquired Nucleus, Aegon, and M&G-acquired Ascentric.

“My decision to step down has come at a time when my wife and I are yearning to travel after the Covid-19 lockdowns and to spend some time relaxing while still young enough to enjoy it,” said Tubman.

“I would like to extend my sincere thanks to everyone for the support in making this a great company. I am extremely proud of the business we have built. 

“I would also like to extend my full support and best wishes to Mike Baker. I am sure he will excel in taking the company forward and maintaining the culture that we have all worked hard to build.”

Nick Parsons, Bravura’s chief executive, said Tubman’s commitment and determination have been “instrumental” in making FinoComp the business it is today, “instilling within FinoComp a strong culture of trust, integrity and respect, as well as a passion for cutting-edge technology.”

He continued: “Ray has also brought an incredible amount to Bravura in the two years since we acquired FinoComp, helping us secure new projects and clients and spreading the message of microservices both within Bravura and our wider markets. We wish him all the best.”

Parsons said Baker, FinoComp’s new managing director, had a strong track record in technological innovation and was held in “high esteem” by both clients and his peers. 

“He has extensive experience of designing and building successful technology solutions and delivering ground-breaking innovative software to our industry.”