Bravura to acquire Midwinter for $50m
Financial software firm Bravura Solutions is to acquire Midwinter Financial Services for $50 million, with Bravura describing the move as ‘strong strategic fit’ for the two companies as it seeks to expand its reach in Australia and internationally.
The appeal of Midwinter was its AdviceOS financial planning software which powers back office administration for financial advisers and online self-directed digital advice portals for superannuation funds, Bravura said.
Bravura said the addition of Midwinter was a ‘natural extension’ for its existing software solutions and opened up an important avenue for growth.
It said, following the Royal Commission, there was significant potential for a differentiated technology-based solution to support traditional advice methods.
The deal was expected to be completed this month and the Midwinter founders and senior management were expected to remain a core part of the business.
Tony Klim, chief executive of Bravura, said: “The Midwinter team have built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market”.
“The acquisition has a strong fit with our mission to provide best-in-class software solutions that comprehensively satisfy our clients requirements and help them navigate complex regulatory environments,” he said.
“Midwinter’s modern technology offering complements and extends Bravura’s broad suite of products in both Australia and internationally.”
AUTHOR
Laura Dew
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
