Bravura Solutions acquires Delta Financial Systems in £23m deal
Australian fintech Bravura Solutions has acquired UK-based Delta Financial Systems in a deal worth £23 million.
Delta provides software and systems to the pensions administration market. The firm claims to have more than 30 clients in the UK.
Its systems support the administration of self-invested personal pensions (SIPPs) and small self-administered schemes (SSASs).
Bravura says that the deal broadens its product suite and is a “natural extension” to its Sonata platform. The acquisition is also an extension of Bravura’s reach in the UK.
Bravura CEO Tony Klim says the two firms have “complimentary products” that provide a “compelling offering” for wealth management companies.
The deal comes just over a year since Bravura was pipped to the post by FNZ for the acquisition of GBST.
Bravura had agreed a non-binding deal with the pensions and capital markets vendor in early 2019. FNZ hijacked the deal in July and signed a £150 million deal.
Michael Power, CEO of Delta, says that his firm’s products sit “perfectly” alongside Bravura’s offerings.
The transaction will close at the end of October, subject to regulatory approval.