Bravura Solutions Limited has completed its share acquisition of investment administration software developer, Garradin Pty Ltd from Powerlan Limited with an initial payment of $10 million.
The deal marks the completion of the eighth acquisition by Bravura since its inception in December 2004 and broadens its existing customer base to over 175 financial institutions globally.
Furthermore, it makes Bravura the largest managed accounts software provider (by assets under management) to Australian fund managers.
The acquisition will significantly boost Bravura's client service capabilities across consulting, development, support and testing.
Bravura Group CEO, Iain Dunstan, said Garradin's software development capabilities and financial services heritage is a good cultural fit and made the acquisition a natural choice.
"Garradin's investment and portfolio management expertise offers Bravura a considerable strategic competitive advantage," Dunstan said.
"The company's product offerings, in particular the integrated unit pricing and fund accounting capability, are complimentary to our own and will significantly strengthen our position in the wholesale asset management market.
"Additionally, Garradin provides us with a strong pipeline for new business opportunities and enhances our software platform development capabilities."
Under the terms of the agreement, 24 Garradin employees will join Bravura's Sydney and Melbourne workforce.
"The Garradin team's experience and expertise are key reasons for the acquisition. They will play a critical role in enhancing our business capabilities and continuing to create client value," Dunstan added.
ASX-listed Bravura provides professional services and wealth management applications to more than 175 financial institutions including a range of corporate clients.
More than 18 million pension, life insurance and investment accounts are administered on Bravura software, with more than A$850 billion in funds under management. Bravura currently employs more than 650 people staffing 15 offices across Australia, New Zealand, UK, Europe, Asia, South Africa and India.
Garradin Pty Limited is an Australian-based company offering integrated software solutions aimed at investment managers and administration platforms. The company has been in business since the early 1990s.