Bravura Solutions Acquires Software Business from The Bank of New York
London, 7th September 2006 -- The Bank of New York, a leading provider of global securities services, announced today that it has reached an agreement to sell its transfer agency software business, Rufus, to Bravura Solutions Limited (Bravura), a leading global supplier of wealth management applications and professional services, for a maximum of £32 million.
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.
Commenting on the purchase, Kin Corning, chief operating officer, The Bank of New York Europe, said, "Bravura will be a strong partner with us and our clients. 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."
Iain Dunstan, Bravura's managing director and chief executive officer said, "I am delighted The Bank of New York, one of the world’s leading financial services institutions, has chosen Bravura as a partner. 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.
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About The Bank of New York, Inc.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and private banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com
About Bravura Solutions Limited
Listed on the Australian Stock Exchange in June 2006, Bravura Solutions Limited (Bravura) is a leading global supplier of professional consulting services and highly specialised administration and management applications to the superannuation and pension, investment management and life insurance industries.
Bravura provides professional services and wealth management applications to more than 125 financial institutions including a range of blue chip corporate clients, with many of Australia’s largest third-party administrators using Bravura’s applications. More than 10 million superannuation, life insurance and investment accounts are administered on Bravura software, with more than £145 billion in funds under management.
Bravura has completed five acquisitions since it was established in 2004 as part of a management/leveraged buy-out that acquired the corporate and superannuation business unit of CSC Australia. The business acquired by Bravura had an extensive client portfolio and had operated for more than 20 years.
Bravura currently employs more than 265 people staffing 11 offices across Australia, New Zealand, UK, Hong Kong, South Africa and India (through a joint venture alliance). Additional information is available at www.bravurasolutions.com.au
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