Investment Funds Direct Limited (IFDL) has selected Bravura Solutions as its preferred back-office technology partner.
The two firms have moved into a planning and implementation phase, which they expect to take three months. In the meantime, the commercials aspects of the deal will be concluded.
Hugo Thorman, managing director at IFDL, said: “We announced towards the end of last year that we were continuing to build our front-office technology in-house but were looking at potential back-office partners.”
“This move stemmed from a belief that the back office is becoming an increasingly commoditised function where scalability, flexibility and low operational costs driven through new technology are increasingly important. The due diligence we have conducted over the last few months has, if anything reinforced our thinking on this.
He added: “We are delighted to be working with Bravura on the next key phase of this development. They were the best fit both from a cultural and technology perspective and we look forward to working with them on a slick, integrated back office that will dovetail neatly with our new front office technology which will be rolled out over the next 12 to 18 months.”
Tony Klim, CEO at Bravura, said: “After extensive due diligence, IFDL has chosen our Sonata product to be the core of their future back office environment. Sonata is the result of an extensive R&D programme and represents the next generation of platform technology. We have already developed a strong relationship with the IFDL team and we are pleased that they have chosen us as a strategic partner.”
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