Bravura Solutions finalises Garradin acquisition from Powerlan and strengthens managed accounts offering

Sydney - 2 July 2007

Bravura Solutions Limited (Bravura) has completed its share acquisition of investment administration software developer, Garradin Pty Ltd (Garradin), from Powerlan Limited (Powerlan) with an initial payment of $10 million, and further payment subject to earn out.

The deal marks the completion of the eighth acquisition by Bravura since its inception in December 2004 and broadens its existing customer base to over 175 financial institutions globally. Furthermore, it makes Bravura the largest managed accounts software provider (by assets under management) to Australian fund managers.

Bravura will benefit from new cross selling opportunities, and an increased presence in investment and portfolio management, including Separately Managed Accounts and Individually Managed Accounts. The acquisition will significantly boost Bravura’s client service capabilities across consulting, development, support and testing.

Mr Iain Dunstan, Bravura Group CEO and Managing Director, said: “Garradin’s software development capabilities, financial services heritage, and good cultural fit made the acquisition a natural choice for Bravura.

“Garradin’s investment and portfolio management expertise offers Bravura a considerable strategic competitive advantage. The company’s product offerings, in particular the integrated unit pricing and fund accounting capability, are complimentary to our own and will significantly strengthen our position in the wholesale asset management market.

“Additionally, Garradin provides us with a strong pipeline for new business opportunities and enhances our software platform development capabilities.”

Under the terms of the agreement, 24 Garradin employees will join Bravura’s Sydney and Melbourne workforce.

“The Garradin team’s experience and expertise are key reasons for the acquisition. They will play a critical role in enhancing our business capabilities and continuing to create client value,” said Mr Dunstan.

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