Midwinter for Bravura Solutions
August 23, 2019

ASX listed-Bravura Solutions has today announced that it has entered into an agreement to acquire Midwinter Financial Services. Midwinter's financial planning software, AdviceOS, powers back office administration for financial advisers and drives online self-directed digital advice portals for superannuation funds in Australia. Bravura says the total consideration for the acquisition is A$50 million and will be funded by cash.

Bravura CEO Tony Klim said: "The Midwinter team have built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market. The acquisition has a strong fit with our mission to provide best-in-class software solutions that comprehensively satisfy our clients requirements and help them navigate complex regulatory environments. Midwinter's modern technology offering complements and extends Bravura's broad suite of products in both Australia and internationally."

The transaction is expected to be completed in August 2019 upon satisfaction of certain customary conditions precedent as well as key personnel arrangements. The founders and senior management of Midwinter are expected to remain a core part of the business.

Separately, Bravura announced that, after ten years of service, Brian Mitchell will retire as both Chairman and Non-executive Director of the board effective August 23. Neil Broekhuizen has been appointed as Chairman, effective August 23. The board intends to commence a search to appoint a new Non-executive Director.





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ASX listed-Bravura Solutions has today announced that it has entered into an agreement to acquire Midwinter Financial Services. Midwinter's financial planning software, AdviceOS, powers back office administration for financial advisers and drives online self-directed digital advice portals for superannuation funds in Australia. Bravura says the total consideration for the acquisition is A$50 million and will be funded by cash.

Bravura CEO Tony Klim said: "The Midwinter team have built a strong, highly functional and well-regarded cloud-based SaaS application for the financial advice market. The acquisition has a strong fit with our mission to provide best-in-class software solutions that comprehensively satisfy our clients requirements and help them navigate complex regulatory environments. Midwinter's modern technology offering complements and extends Bravura's broad suite of products in both Australia and internationally."

The transaction is expected to be completed in August 2019 upon satisfaction of certain customary conditions precedent as well as key personnel arrangements. The founders and senior management of Midwinter are expected to remain a core part of the business.

Separately, Bravura announced that, after ten years of service, Brian Mitchell will retire as both Chairman and Non-executive Director of the board effective August 23. Neil Broekhuizen has been appointed as Chairman, effective August 23. The board intends to commence a search to appoint a new Non-executive Director.



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