ASX-listed Bravura has acquired FinoComp, an Australian software company that builds flexible solutions for the UK wealth market.
The company was snapped up for $25 million. FinoComp grew revenue grew by 27 per cent from financial year 2018-19 and is expected to continue to grow at this rate for the next three years from a forecast of $6.8 million in FY20, according to a Bravura ASX filing.
FinoComp provides software for data analytics, client reporting, performance reporting and regulatory compliance built on a microservices architecture. FinoComp’s clients include UK wealth management institutions, such as Aegon and Nucleus.
Bravura said the acquisition deepens its technical capabilities, creating a compelling opportunity to deliver “plug and play” solutions to a broader addressable market.
FinoComp has 35 employees in Australia and the UK and comprises seasoned senior management, mathematicians and experienced developers with diverse backgrounds specialising in critical infrastructure.
Commenting on the acquisition, Bravura CEO Tony Klim said the combination of Bravura and FinoComp unlocks a strategically compelling opportunity for Bravura’s technology to drive more of its clients’ mission critical operations.
“Combined with FinoComp’s cutting-edge technology, the acquisition extends Bravura’s wealth management offering,” he said.
The transaction is expected to be completed by the end of October 2019. The founders and senior management of FinoComp are expected to remain a core part of the business.
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