Financial services software provider Bravura Solutions is looking for acquisition opportunities as its capital position has improved.
The company reported yesterday an increase in operating cash flow from $12.8 million in 2009 to $14.2 million in 2010, a jump of 11 per cent.
Bravura's net result was depressed by impairment charges on intangible assets and declined from a profit of $1.6 in 2009 to a loss of $13.2 million this year.
But the underlying result adjusted for the lumpy impact of license fees improved from a loss of $10.1 million to a profit of $3 million.
"Bravura has delivered a very credible result in FY2010. We have done so in a difficult operating environment, where the effects of the global financial crisis are still prevalent amongst our clients," Bravura group chief executive Simon Woodfull said yesterday.
Bravura said it will continue to seek out acquisition opportunities that enhances Bravura's value proposition to its client base.
"The company has now clearly defined its target growth markets and with a sound financial and cash position is able to pursue value add opportunities that are well-aligned with its acquisition strategy."
In June 2010 Bravura acquired Mutual Fund Technologies for $34 million from Fidelity Investments, which increased the company's presence in the European transfer agency market.
Bravura raised $23 million by issuing 230 million new shares to fund the acquisition.
Private equity firm Ironbridge Capital participated in the rights issue and exercised 53.3 million of its options, increasing its shareholding in Bravura to 47 per cent.
