Bravura solutions to acquire Syscorp
Fledging financial services software company Bravura Solutions added Syscorp to its takeover menu today as well as finalising the acquisition of another major software provider, CSC Wealth Management.
Bravura Solutions, which was formed earlier in the year to acquire CSC Australia’s wealth management applications business, has announced it has also signed a contract to buy Syscorp.
The group will end up with 71 financial services clients as a result of the deal, including Syscorp’s three clients - Next Financial, Trust Company and Equity Trustees - and the 68 clients picked up from the CSC deal, including the Commonwealth Bank of Australia, Russell Investment Group and Mercer.
“Bravura was formed to create the leading Australian wealth management applications, systems and software specialist. Acquiring Syscorp is a key step towards achieving this vision,” said chief executive Iain Dunstan, who estimates future revenues for the company will hit $20 million per annum next year as a result of the Syscorp takeover.
According to Dunstan, Syscorp who offer superannuation investment administration software, was an attractive target because it provided services that complimented those offered by Bravura, who offer member administration software . He said the deal would also help both companies achieve economies of scale.
“CSC is very strong on superannuation whereas Syscorp is stronger for investment products like individually managed accounts and more specific superannuation products like wrap accounts and DIY superannuation. What we can do now is go to an institution and say we’ll look after all your range of products from one supplier.”
Syscorp director Chris Liddell said the deal would provide Syscorp with the investment it needed to achieve greater scale and create a stronger technology platform.
“This deal with Bravura means clients and staff will see scale advantages as we become part of a larger company, and benefit from increased technology investment,” said Liddell, who will head up product marketing for investment products with Bravura.
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