- Bravura Solutions has entered into an agreement to buy Midwinter Financial Services for A$50 million
- It will utilise Midwinter’s AdviceOS financial planning software as a natural extension to its existing software solutions and client base
- The transaction will be completed by the end of August
Bravura Solutions has entered into an agreement to buy Midwinter Financial Services for A$50 million.
Midwinter is a Sydney-based SaaS provider of the financial planning software, namely, AdviceOS.
AdviceOS powers back-office administration for financial advisors. It drives online self-directed digital advice portals for superannuation funds in Australia. It offers a range of intuitive, cost-efficient advice modelling tools which simplify the advice process without comprising quality service.
Bravura Solutions provides comprehensive administration and technology solutions for wealth management, life insurance and funds administration markets.
Its business includes over 350 direct and indirect blue-chip clients and boasts over A$2.8 trillion in assets.
AdviceOS is considered to be a natural extension to its existing software solutions and client base.
“Midwinter has built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market,” Bravura CEO Tony Klim said.
“The acquisition has a strong fit with our mission to provide best-in-class software solutions that comprehensively satisfy our clients’ requirements and help them navigate complex regulatory environments,” Tony continued.
Bravura sees this acquisition as strategic to the highly regulated Australian financial planning market.
Traditionally, delivering financial advice is expensive to produce, carries a compliance burden and material reputational risks for regulatory offences. This combined with a significant number of Australians who need financial advice means there’s great potential for a differentiated technology-based solution.
“Midwinter’s modern technology offering complements and extends Bravura’s broad suite of products in both Australia and internationally,” he said.
The transaction is expected to be completed by the end of this month.