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Bravura buys Mutual Fund Technologies for $32.1m

Bravura buys Mutual Fund Technologies for $32.1m

Wealth management software and services provider Bravura Solutions (ASX:BVA) has arranged to acquire the UK’s Mutual Fund Technologies from FIL Limited for up to £19.5 million ($32.1 million).

And the company has launched an underwritten $23 million rights issue to help fund the purchase.

The company will issue 1 new Bravura share to participating shareholders for every 1.82 shares they currently hold. The issue price would be $0.10 per share, a 10% discount on the weighted average trading price of BVA.

The rights issue will open on May 24, and close on June 7. It has been underwritten by Carp Holdings’ various investment trusts.

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Tags softwareBravuraMergers and acquisitionsUK

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