Bravura acquires UK fintech company for $41m
Bravura has acquired UK pensions software company Delta Financial Systems for $41 million, broadening its growing range.
Delta provided technology to pension administrators in the UK market for 30 clients and Bravura said it was forecasted to achieve revenue growth in the range of 20%-30%.
The acquisition was expected to be completed by the end of October 2020 subject to regulatory approval.
Michael Power, chief executive 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 and Delta’s clients.
“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,” said Tony Klim, chief executive of Bravura.
Recommended for you
ASIC has cancelled the AFSL of a Gold Coast advice firm, its tenth AFSL cancellation since the start of the year with the majority being advice firms.
Career changers, such as accountants and teachers, are a valuable demographic for potential advisers as industry commentators say adviser numbers are “not touching the sides” of consumer demand.
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.