Australian wealth-management software company Bravura Solutions today announced intentions to acquire European transfer agency Mutual Fund Technologies (MFT) for £19 million (AU$31.3 million).
The takeover will increase Bravura Solutions' presence in Europe and will result in three of the top five UK funds managers relying on Bravura transfer agency software, according to the company.
"This agreement represents a significant step in furthering Bravura's presence in the transfer agency market in Europe. This acquisition will deliver benefits that include increased market share, improved predictability of earnings and a broader capability to deliver to our customer's sophisticated and growing requirements," Bravura chief executive officer Simon Woodfull said in a statement.
The Global Funds Administration System, which MFT describes on its website as "the heart of our success" that allows investment managers to track stock and bonds worldwide, is also included as part of the agreement and will become part of Bravura's platform.
Bravura has announced that MFT's existing providers will enter an agreement to continue to provide a datacentre, software hosting, maintenance services, support and backup to MFT after completion of the acquisition.
Woodfull replaced Iain Dunstan as Bravura's CEO in February this year amidst a management restructure.