Platform technology provider Bravura Solutions is set to acquire Australian-based fintech firm FinoComp for £13.3m
The cost of the acquisition, which is expected to be completed by the end of October, is equal to AUS$25m (Australian dollars).
According to Bravura, FinoComp will add functionality, bringing new wealth management clients and cross-selling opportunities to existing clients as well as creating an opportunity to deliver "plug and play" solutions to a broader market.
Bravura provides the technology for the Nucleus, Fidelity FundsNetwork and Ascentric platforms.
FinoComp managing director Ray Tubman (pictured) set up the business in 2015 after leaving platform technology provider and Bravura rival GBST, where he was head of product strategy and then chief executive.
Before joining GBST, Tubman co-founded wealth management software solutions company InfoComp in 1988 before selling it to GBST for $56m in 2007.
Earlier this year (22 February), FinoComp launched a client data analysis team for advisers and platforms. It said it was to help firms better understand their clients and their behaviours.
Addressing the latest acquisition, Tubman said Bravura had an "outstanding reputation" in the marketplace at the moment.
He said: "We share common values and are delighted to join Bravura in the pursuit of delivering world-class solutions for our clients."
Bravura chief executive Tony Klim said its acquisition of FinoComp would unlock a "strategically compelling opportunity" for the platform tech provider's technology.
"Combined with FinoComp's cutting edge technology, the acquisition extends Bravura's wealth management offering," he said.
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