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Publicly-listed financial services platform provider Bravura has sought to raise $23 million to help fund a UK acquisition.
The company announced to the Australian Securities Exchange (ASX) today that it had initiated a fully underwritten rights issue for $23 million to assist in funding the acquisition of Mutual Fund Technologies (MFT).
It said the acquisition was in line with Bravura’s strategy of strengthening its core business, with MFT operating in the transfer agency market that represented a core focus area for the company.
It said the acquisition was expected to increase Bravura’s market share in the European transfer agency market and create the potential for cross-selling opportunities across MFT’s client base.
