Bravura, the wealth management software provider, said Thursday that it had given up seeking a buyer after it failed to receive an acceptable takeover bid, according to The Australian newspaper. Shares in the firm fell more than 20% upon the announcement by its board of directors.
Bravura reportedly received an unsolicited takeover offer from UK private equity firm Duke Street last summer, but the terms of the early offer valuing the firm at up to AU$0.20 a share evidently were not acceptable to the software firm. In December it officially began seeking takeover offers.
The firm apparently is shifting strategy now, as it has just expanded its presence in Hong Kong.
Bravura itself has been known to be an acquirer; most recently, it bought the transfer agency software and services provider MFT (see Wrap meets transfer agency, Global Custodian, Winter Plus 2010).
Ironbridge Capital, the Australian private equity house, acquired a 45.9% stake in Bravura in 2008 for just under AU$50 million.