Bravura Solutions managing director Iain Dunstan has indicated the possibility of further acquisitions, after its purchase of Citi's Warsaw-based software program.

Bravura bought the business for $21 million earlier this month.

"We were able to fund the transaction out of our own cash without having to borrow money," Dunstan said.

He said the firm will be looking at similar opportunities in other markets.

"There are some further offshore jurisdictions we are looking at. For now, Eastern Europe is attractive to us. It is a low cost, well-developed market," he said.

Bravura will also look to grow its Warsaw-based staff from 50 to 70 people by the middle of next year.

Despite the tough environment, the firm is also currently looking at local opportunities.

"We will start to see a number of the smaller players struggle or disappear. We are currently looking at some of these firms which we could potentially snap up," he said.

The firm will also look to ramp up its existing business, particularly with its sonata software that is currently being developed with industry super fund Statewide.

"We have had a big uplift in interest following the upgrade to our sonata software with Statewide. We are expecting two or three clients to come on board," Dunstan said.

The takeover deal with Ironbridge, however, is no longer moving forward.

"The Ironbridge offer is no longer an option for us. For now it is just business as usual."