Bravura to acquire Midwinter for $50m

Bravura/Midwinter/acquisition/fintech/

23 August 2019
| By Laura Dew |
image
image image
expand image

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.”

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 3 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5