Financial sector administration software provider Bravura Solutions has targeted the Asian region as the next market in which it would like to establish a presence.
"We will in the next 12 to 24 months pursue Asia particularly aggressively both from a transfer agency and a wealth management perspective," Bravura Solutions group chief executive Simon Woodfull said.
He cited two main reasons for this strategic direction.
"One is that it's an untapped market for Bravura at this point. We obviously have a couple of well know brands namely New York Life and Bao Viet which is 18 per cent owned by HSBC," Woodfull said.
"Also we feel we've invested heavily over the last four years in our new next generation software solution that takes all of the rich functionality of our applications today and transforms them into Java and Oracle which is a key requirement for pursuing that market," he said.
"I think it's more for the fact it's an untapped market and we see some significant opportunities but that's not withstanding the importance of continuing to service our Australian and New Zealand clients as well."
In the meantime Bravura has announced it is embarking on a fully underwritten rights issue in order to raise funds for its acquisition of transfer agency services provider Mutual Fund Technologies.
The sale and purchase agreement involves a cash payment of GBP 19 million on completion of the of the deal with two deferred cash payments of GBP 500,000 each by way of earn out and subject to satisfying stipulated revenue hurdles.
The acquisition will increase Bravura's market share in Europe and when completed will mean the organisation will be servicing three of the top five fund managers in the UK with tis transfer agency platforms.
The rights issue closes on 7 June later this year.
