Australian fintech firm Bravura Solutions has agreed to acquire FinoComp, a local software developer that caters to the UK wealth management market.
Under the agreed terms, Bravura will pay A$25m ($17.14m) in total consideration.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Founded in 2015, FinoComp specialises in delivering software solutions for data analytics, client reporting, performance reporting and regulatory compliance. The firm counts UK wealth managers Aegon and Nucleus, among others, as clients.
The FinoComp team includes 35 staff in Australia and the UK. The senior management of the company is expected to be retained following the deal.
The takeover is expected to bolster Bravura’s technical capabilities as well as expand its reach to adjacent geographies.
Additionally, the deal is said to generate significant cross-sell opportunities between the clients of the two companies.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBravura CEO Tony Klim 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.”
FinoComp managing director Ray Tubman said: “Bravura has an outstanding reputation in the marketplace. We share common values and are delighted to join Bravura in the pursuit of delivering world-class solutions for our clients.”
The FinoComp acquisition is anticipated to close by the end of this month.
This is Bravura’s second acquisition in the last three months. In August, the company signed an agreement to acquire financial advice provider Midwinter Financial Services.
