Bravura Solutions (Bravura) has increased its position in the wealth management provider space with the purchase of investment administration software developer, Garradin for about $10 million.
The acquisition will increase Bravura's client base to more than 175 financial institutions globally, making Bravura the largest managed accounts software provider by assets under management to Australian fund managers.
The group will gain about 20 staff under the acquisition and expects to integrate Garradin's operations into Bravura's existing offices in Sydney and Melbourne.
"Garradin's investment and portfolio management expertise offers Bravura a considerable strategic competitive advantage," Bravura group chief executive and managing director Iain Dunstan said.
"The company's product offerings, in particular the integrated unit pricing and fund accounting capability, are complementary to our own and will significantly strengthen our position in the wholesale asst management market."
In May, Bravura signed an agreement with Garradin's parent company, Powerlan, to acquire all shares in software group.
Bravura completed the acquisition of the group yesterday, with an initial payment of $10 million, and further payment subject to earn out.
The acquisition marks Bravura's eighth purchase since it was established in 2004 as part of a management/leveraged buy-out that acquired the corporate and superannuation business unit of CSC Australia.
Bravura will benefit from new cross selling opportunities, and an increased presence in investment and portfolio management, including SMA and IMA.
Under the terms of the agreement, 24 Garradin employees will join Bravura's Sydney and Melbourne workforce.
More than 18 million pension, life insurance and investment accounts are administered on Bravura software, with more than A$850 billion (£360 billion) in funds under management.
