Bravura Solutions has agreed to acquire financial advice provider Midwinter Financial Services for a total consideration of A$50m ($33.81m) in cash.
Midwinter offers SaaS financial planning software called AdviceOS. The cloud-based solution is designed to power back-office administration for financial advisers.
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AdviceOS also backs self-directed digital advice portals related to superannuation funds in Australia.
The solution is expected to complement Bravura’s software solutions and client base. It will expand the company’s retirement savings, investments and life insurance offerings.
Standard financial advice delivery is considered costly and is associated with compliance burden and risks of material reputation for regulatory transgressions.
Technology could support these traditional delivery methods, compliance requirements and self-directed digital advice delivery approaches, noted Bravura.
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By GlobalDataBravura also believes that the acquisition of Midwinter will support its growth in Australia, the UK and other regions where the company currently has operations.
Bravura Solutions CEO Tony Klim said: “The Midwinter team have built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market.
“The acquisition has a strong fit with our mission to provide best-in-class software solutions that comprehensively satisfy our clients requirements and help them navigate complex regulatory environments.
“Midwinter’s modern technology offering complements and extends Bravura’s broad suite of products in both Australia and internationally.”
Subject to customary closing conditions, the deal is set to close by the end of this month.
Following the completion of the acquisition, Midwinter’s founders and senior management are expected to continue to be part of the business.
