Australian software vendor Bravura Solutions has acquired financial planning software vendor Midwinter Financial Services in a deal that is expected to close by the end of August.
Bravura expects that Sydney-headquartered Midwinter's software AdviceOS will complement its wealth management and life insurance solutions, according to Bravura CEO Tony Klim.
“The Midwinter team have built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market. 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,” Klim said.
AdviceOS, described as a “cloud-based financial advice solutions platform” by Midwinter, can generate financial advice while assisting with financial compliance and reporting obligations.
This acquisition also represents a shift away from using traditional methods of financial advice delivery and towards supporting that advice with technology-based solutions, Bravura added in a statement.
Under this partnership, the founders and senior management of Midwinter are expected to continue operating under the company's brand for the foreseeable future.
There are currently no plans for Midwinter to operate under the Bavura name.
The acquisition follows Bravura’s recent attempt to buy another financial software provider, GBST, with an offer of $184 million in June. However, the company was outbid by SS&C Technologies, which offered $221 million.