As part of the agreement Bravura has acquired Citi’s Warsaw-based transfer agency software platform for consideration of $21m. The acquisition is expected to be earnings-per-share accretive in fiscal 2009 and beyond, and generate strong recurring revenues and cash flow. The acquisition was funded using current facilities and the operating cash flows generated by the business over a three year period.
Bravura has said that the deal is expected to deliver strategic benefits to it. These include greater global reach, with a larger footprint in Eastern Europe, and an extension of Bravura’s knowledge base and expertise in the transfer agency market.
It is expected to cement Bravura’s position as the transfer agency application provider in Europe, in keeping with its vision of being the leading wealth management applications provider outside of the US.
Bernard Hanratty, managing director of head of fund services for Europe and the Middle East and Africa at Citi Bank, said: This agreement benefits all parties – Citi, our clients, our employees and Bravura. Given that the technology requirements in this market continue to increase in complexity, we are pleased to be working with a best-in-class technology and client support provider with a strong reputation for innovation and product development in the transfer agency field.
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