Fast-growing Aussie pensions and wealth management technology vendor Bravura has suspended trading in its shares after becoming entangled in the collapse of domestic stockbroker Lift Capital
Joint CEOs Iain Dunstan and Simon Woodfull founded Bravura after a leveraged management buy-out from CSC in 2004. The highly acquisitive firm has grown rapidly, reporting revenue of A$67.6 million for the six months to December, and a market cap of $207.3 million.
Bravura currently supports more than 175 financial institutions globally, with a range of corporate clients in Australia, New Zealand, Europe, Asia and South Africa.
However up to a third of the firm's issued capital is tied up in margin loans from Lift Capital to co-founders Dunstan and Woodfull. Shares in the vendor were suspended Monday after Lift Capital creditor Merrill Lynch filed notice of its interest in the shares and revealed that it had received approaches from potential acquirers. Reports suggest that Computershare and two private equity companies have expressed an interest.
In a statement issued Tuesday, Bravura said the current status of the ownership and control of the Bravura shares that were subject to the Lift Capital margin lending facilities was unclear.
Trading in the shares has been suspended until Tuesday, while the ownership issues are clarified.