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Bravura capital raising
Bravura Solutions has announced that it is seeking additional funds to underwrite the rapid growth it is currently experiencing as it expands its presence in Europe and the United Kingdom.
The company told the AustralianStock Exchange that it would be undertaking a one for six non-renounceable entitlement offer, at an issue price of $2.10 per share, to raise up to $42.94 million.
It said the proceeds of the offer would be applied to reduce debt, enabling Bravura to pursue its growth strategy through future acquisitions and growth opportunities.
Commenting on the move, Bravura managing director said with the company now established as a major supplier of financial applications in all three of its target markets — Europe, Asia and Australia/New Zealand — the additional funding would “allow us to capitalise on the strong market position we have built up over the last eight months since listing”.
Bravura Solutions, which floated last year, is based on the old financial services platforms of , purchased in 2004.
AUTHOR
Mike Taylor
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