Bravura Solutions acquires Midwinter Financial for A$50m

Pedro Gonçalves
clock
Bravura Solutions acquires Midwinter Financial for A$50m

Bravura Solutions has agreed to acquire Australian financial advice provider Midwinter Financial Services for A$50m ($33.81m) in cash.

Sydney-based Midwinter develops the financial planning software AdviceOS, which offers back office administration for financial advisers and self-directed digital advice portals for superannuation funds.

Bravura said Midwinter's core product, AdviceOS, is a natural extension to Bravura's existing software solutions and client base, sitting alongside retirement savings, investments and life insurance.

Midwinter’s modern technology offering complements and extends Bravura’s broad suite of products in both Australia and internationally"

The acquisition will be funded by cash and is expected to be completed by the end of this month,  upon satisfaction of certain customary conditions precedent as well as key personnel arrangements, Bravura said in a statement to the ASX.

The solution is expected to complement Bravura's software solutions and client base. It will expand the company's retirement savings, investments and life insurance offerings.

Standard financial advice delivery is considered costly and is associated with compliance burden and risks of material reputation for regulatory transgressions.

Technology could support these traditional delivery methods, compliance requirements and self-directed digital advice delivery approaches, noted Bravura.

It said the founders and senior management of Midwinter are expected to remain a core part of the business.

Bravura chief executive Tony Klim said: "The Midwinter team have built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market."

"Midwinter's modern technology offering complements and extends Bravura's broad suite of products in both Australia and internationally."

 

 

Subscribe to International Investment's free, twice-daily, newsletter