Fidelity International has signed a £29m deal with Bravura Solutions to acquire a licence to develop and operate its Sonata platform.
The software underpins both Fidelity’s UK Adviser Solutions and Personal Investing platforms.
The licence allows Fidelity to use, modify, and further develop Sonata to meet the needs of its advisers and retail investors.
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As part of the agreement, a small number of Bravura’s team who are already supporting Fidelity in India and the UK will transfer to Fidelity over the course of the next 12 months. Bravura will continue to provide technical and operational expertise to Fidelity.
Fidelity selected Bravura’s wealth and investment administration system, Sonata, in 2013 as part of a joint investment programme.
The firm said it has delivered enhanced capability, as well as an extended range of assets. It has helped enable the transition from funds supermarket to wrap platform, including new features such as cash management options and discretionary fund management services.
Stuart Warner, head of global platform solutions at Fidelity International, said: “We’re wholly committed to the continuous development of our UK platforms and will continue to enhance the products and services we offer to meet the changing needs of our advisers and clients.
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“Sonata is integral to our platform business. This new agreement will allow us to bring Sonata development in-house and align further technology investment with our strategic objectives, while delivering new solutions.”
Andrew Russell, Bravura group CEO and MD, said: “This milestone agreement allows Fidelity to continue to leverage best-in-class technologies, while allowing us to streamline and simplify our enterprise Sonata software platform for the betterment of our other existing and new enterprise wealth clients.”
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