The acquisition is expected to extend Bravura’s core offering and expand its ecosystem of products and services
Bravura Solutions, an Australia-based software solutions provider for the financial industry, has agreed to acquire Delta Financial Systems for A$41.5m (£23m).
Established in 1996, Delta Financial Systems is a software company that supports complex pension administrations in the UK market.
Its products support administration of self-invested personal pensions (SIPPs) and small self-administered schemes (SSASs) including the full range of complex client drawdown options available under the pension freedoms legislation.
The firm’s technology is presently being used by more than 30 clients in the country.
Delta Financial Systems specialises in workplace savings, drawdown solutions, pension software, administration software, pension administration software, bespoke applications, fintech, app development and pension provider consultation.
The acquisition of Delta’s products enables Bravura to extend its core Sonata offering and also expand its ecosystem of products and services.
Bravura to gain opportunity to offer its other products to Delta’s clients
With the acquisition, Bravura is expected to gain an opportunity to offer its other products to Delta’s client base.
The deal is expected to be closed by the end of this month, subject to the receipt of regulatory approvals.
Bravura Solutions CEO Tony Klim said: “We are delighted that Delta is joining Bravura. Both businesses have complementary products that together, provide a compelling offering to support the mission-critical operations of wealth management firms in the UK.”
Delta Financial Systems CEO and co-founder Michael Power said: “Bravura is a leader in the UK wealth management marketplace and Delta’s products sit perfectly alongside Bravura’s offering.
“The Delta management team look forward to working together with Bravura to deliver outstanding service to both Bravura’s clients and Delta’s clients.”
Bravura Solutions provides software solutions for wealth management, life insurance, and funds administration industries.
Its workforce of over 1,400 is spread across 17 offices in Australia, New Zealand, the UK, Europe, Africa and Asia.