Bravura Solutions signs conditional Share Sale Agreement to acquire Essential

Sydney, 1 February 2006 – Bravura Solutions Limited (Bravura), one of Asia-Pacific’s largest providers of superannuation and pension, wealth management, life insurance and portfolio administration software for financial institutions, has signed a conditional Share Sale Agreement to acquire Essential Computer Systems (Essential).

The acquisition will result in the merged entity adding an online superannuation system for members, employers, advisors, call centres, web developers and back office employees to Bravura’s repertoire of software solutions.

When completed, the merger builds on three successful acquisitions Bravura has already made over the last thirteen months. The acquisition will increase Bravura’s client base to more than 115 financial institutions globally - managed by over 250 staff in 10 offices around the world “Our growth strategy is based on the acquisition of organisations that enhance our capabilities“, said Iain Dunstan, Chief Executive Officer of Bravura.

“There are many synergies between Bravura and Essential. They are both market leaders in their fields, have a focus and reputation for quality and customer service and are supported by a team of highly skilled staff.

“In this instance, we envisage that the new Adelaide office will become our e-business centre of excellence and look forward to nurturing this growth”, Mr. Dunstan said.

John Laverty, Managing Director of Essential, commented that the acquisition is an exciting milestone in the company’s history. “Essential's products, technologies, people and experience will compliment Bravura's emerging eBusiness focus and the combined group will be the premier supplier of products and services to the superannuation and financial services industry”, Mr. Laverty said.

The acquisition is expected to be completed in March 2006.

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