Bravura adds to its list
Financial services provider of support services Bravura Solutions has completed its eighth acquisition since its inception two-and-a-half years ago with the purchase administration software developer Garradin.
An initial payment of $10 million was made for the buyout, with the final sale price subject to an agreed 12-month earn-out period based on the performance of Garradin’s investment management portfolio system.
Bravura expects to increase its position in the wealth management arena by broadening its existing customer base to over 175 financial institutions globally.
The transaction will make Bravura the largest managed accounts software provider to Australian fund managers (by assets under management) in the country.
The deal will also see 24 Garradin employees joining Bravura’s Sydney and Melbourne offices.
Bravura Group chief executive and managing director Ian Dunstan said Garradin team’s experience and expertise are key reasons for the acquisition and will play a critical role in enhancing Bravura’s business capabilities.
According to Dunstan, Garradin’s software development capabilities and financial services heritage make it a natural choice for Bravura’s acquisitive nature.
“Garradin’s investment and portfolio management expertise offers Bravura considerable strategic competitive advantage. The company’s product earnings, in particular the integrated unit pricing and fund accounting capability are complementary to our own and will significantly strengthen our position in the wholesale asset management market.
“Additionally, Garradin provides us with a strong pipeline for new business opportunities and enhances our software platform development capabilities.”
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