Under the agreement, Bravura will acquire all of the software and intellectual property comprising Rufus, and all existing employees will transfer to Bravura.
Rufus is one of Europe's leading pan European Transfer Agency systems with functionality capable of supporting a broad range of UK and European fund structures. Since its acquisition in 1999, The Bank of New York has expanded the Rufus platform and today the service supports over 75 clients, 1,500 funds and six million investor accounts. The system is multi- currency, multi-lingual and tracks the accounts of investors that invest in mutual funds, packaged equities, cash and hedge funds across a variety of fund domiciles.
Bravura's acquisition of Rufus expands its existing portfolio of products and is a core part of its strategy to enter the UK and European market. Based in Australia and established in the Asia Pacific region with over 125 clients globally, Bravura is a specialist provider of Wealth Management applications. With ongoing changes in the UK market, there is a growing focus and requirement for more sophisticated technology platforms which can deliver new products such as WRAPs. The acquisition of Rufus enables Bravura to bring to the UK , market leading expertise and experience in providing advanced cost effective solutions.
"Bravura will be a strong partner with us and our clients," says Kin Corning, chief operating officer, The Bank of New York Europe. "We have brought the software to a position where it is technically advanced and operationally very robust. Bravura is a company with the core skill set needed to take the business to the next level. This transaction means that we can sharpen our focus on continuing to provide a high quality Transfer Agency service to our clients across Europe , while continuing to benefit from the Rufus software platform." "I am delighted The Bank of New York, one of the world's leading financial services institutions, has chosen Bravura as a partner," says Iain Dunstan, Bravura's managing director and CEO. "This acquisition reinforces Bravura's position as an established and respected provider of global wealth management applications. The acquisition also underlines Bravura's commitment to the UK and European market, and provides access to market leading software and staff. These will be important components of our product range and compliment our existing service offering. Bravura's acquisition of this business also ensures The Bank of New York and its clients will continue to be supported by specialist software and consulting services. Over time clients will also benefit from enhanced services as we invest in software development."
Barrington Partners of Boston represented The Bank of New York in this transaction. The transaction is expected to be completed in December 2006, and is subject to Bravura Solutions shareholder approval. The core part of the integration is expected to occur in the first six to eight months following completion.