The benchmark index S&P/ASX200 ended the session in the green, with the index closing the day’s session 4.7 points up at 6,745.4. We would now have a look few stocks, which managed to close toady’s trading session in the green.
On October 29, 2019, Sims Metal Management Limited (ASX: SGM) closed the day’s session by rising 5.33%, and the stock price stood at $9.69 per share. On the same day, Speedcast International Limited (ASX: SDA), the communication company, was the among top gainers on S&P/ASX200 with the stock closing $1.095 per share, up by 11.17%. Stocks like oOh!media Limited (ASX: OML), Bravura Solutions Limited (ASX: BVS) and Mineral Resources Limited (ASX: MIN) were among the top five performers of the day, with its stock price rising by 4.47%, 4.71% and 4.65%, respectively.
Bravura to Acquire FinoComp
Bravura Solutions Limited, a leading software solutions provider company, has announced that it is going to acquire FinoComp, an Australian software company, for a total consideration of $25 million. FinoComp offers software, built on a microservices architecture, for client reporting, performance reporting, data analytics and regulatory compliance. Top wealth management institutions from the UK, such as Aegon and Nucleus, form part of its clientele.
- The acquisition is expected to deepen Bravura’s technical capabilities by creating a convincing opportunity to deliver “plug and play” solutions to a broader addressable market;
- A superior joint technology proposition opens the potential to capture a greater share of technology spend from existing clients;
- The acquisition also opens significant cross-sell opportunities between FinoComp and Bravura clients;
- Further revenue opportunities are also possible by expanding FinoComp’s software into adjacent markets and geographies in the future, including financial advice, funds administration and private client wealth management.
FinoComp’s revenue grew by 27% on a YoY basis in FY19. As per the company’s report, it is anticipated to continue to grow on similar lines for the next three years. FinoComp has delivered robust revenue growth since its inception in 2015. Further, strong operational leverage on the back of substantial R&D spend is projected to generate 50% EBITDA growth per annum over the same period from a forecast of $1.2m in FY20.SDA Daily Technical Chart (Source: Thomson Reuters)