Bravura boosts software suite with $42m UK acquisition
Bravura Solutions today announced the UK acquisition of Delta Financial Systems for a total consideration of up to GBP23.0m (A$41.5m).
Delta is a UK software company that provides technology to power complex pensions administration in the UK market. Delta’s highly regarded products support the administration of SIPPs (self-invested personal pensions) and SSASs (Small Self-Administered Schemes), including the full range of complex client drawdown options available under the pension freedoms legislation. Delta’s technology currently supports the needs of more than 30 UK clients.
The acquisition broadens Bravura’s product suite. Delta’s products represent a natural extension to Bravura’s core Sonata offering and expand Bravura’s ecosystem of products and services. The acquisition also provides an opportunity to offer Bravura’s other products to Delta’s client base.
Commenting on the acquisition, Tony Klim, Chief Executive Officer 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.”
Commenting on the acquisition, Michael Power, CEO and Co-Founder of Delta 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.”
The transaction is expected to be completed by the end of October 2020 subject to regulatory approvals.