Bravura Solutions has announced the acquisition of Delta Financial Systems for £23 million.

The Australian-based investment platform technology provider purchased the UK-based pensions administration software firm to help broaden its product suite.

Delta's products help administer self-invested personal pensions and small self-administered schemes, including the full range of complex client drawdown options available under pension freedoms legislation. Its technology currently supports the needs of more than 30 UK clients.

A statement explained that Delta’s products represent a natural extension to Bravura’s core
Sonata offering and expand its ecosystem of products and services. The acquisition also provides an opportunity to offer Bravura’s other products to Delta’s client base.

Bravura chief executive Tony Klim said: “Both businesses have complementary products that together, provide a compelling offering to support the mission-critical operations of wealth management firms in the UK.”

Michael Power, chief executive and co-founder of Delta said: “Bravura is a leader in the UK wealth management marketplace and Delta’s products sit perfectly alongside Bravura’s
offering."

The transaction is expected to be completed by the end of October, subject to regulatory approvals.

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