Technology provider Bravura has bought software company Garradin for $10 million.
"One of the key reasons we pursued Garradin is its retail portfolio management expertise with separately managed accounts (SMA) and individually management accounts (IMA), a market that is expanding at a rapid pace globally," Bravura chief executive Iain Dunstan said.
"There will also be cross-selling opportunities between our companies and the expertise of Garradin's staff will significantly improve Bravura's ability to service its existing and potential clients."
Under the acquisition, Bravura will gain 20 staff and the group's plans to integrate the Garradin business into its existing offices in Melbourne and Sydney.
The acquisition was completed with Garradin's original owner Powerlan.
Bravura has made seven acquisitions since it began in 2004. These acquisitions include the purchase of the Rufus Software Business for $79 million from the Bank of New York and the purchase of Luxembourg-based software provider AB Prodata for $13.3 million.
