Bravura Solutions, an Australian provider of software solutions for the wealth management industry, has acquired UK-based software company Delta Financial Systems in deal valued up to £23m.

The acquired firm offers technology for pensions administration in the UK market such as for SIPPs (self-invested personal pensions) and SSASs (small self-administered schemes). It has a client base of around 30 in the UK.

The Australian fintech company said that acquisition broadens its product suite.

Bravura, which already operates in the UK, believes that the Delta products are a “natural extension” to its core Sonata offering and expand its portfolio of products and services.

Commenting on the deal, Bravura CEO 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 CEO and co-founder 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.”

Subject to regulatory approvals, the deal is expected to be wrapped by the end of this month.