Bravura Solutions completes acquisition of MFT
Sydney / London, 17 June 2010 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a global provider of transfer agency and wealth management software applications and professional services – announced today that it has completed the acquisition of Mutual Fund Technologies (MFT), a provider of transfer agency services, predominantly in Europe.
Bravura’s Group CEO, Simon Woodfull, said: “The acquisition of MFT is key to Bravura’s increasing presence in the transfer agency market, placing us in a strong position to grow our European transfer agency footprint.
“We welcome the new staff joining Bravura as part of the acquisition, and believe that they will play a major role in continuing our service offer of sophisticated products across a range of broad-reaching needs,” he said.
As part of the transaction, Bravura will acquire MFT’s GFAS (Global Funds Administration System) software solution. With its addition to Bravura’s existing portfolio of transfer agency solutions, three of the top five UK fund managers (by funds under management) will now run on Bravura transfer agency platforms.
The acquisition is expected to be EPS accretive and highly cash generative due to long term annuity revenue streams. It will also deliver improved predictability of earnings.