Birmingham software firm Delta Financial Systems has been bought out by Australian group Bravura Solutions for £23 million.
City centre-based Delta provides technology to power complex pensions administration in the UK market.
Bravura Solutions is headquartered in Sydney with an office in London and specialises in software products and services for financial institutions.
The buyout broadens both companies’ product and services to their clients.
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Bravura chief executive Tony Klim said: “We are delighted that Delta is joining Bravura.
“Both businesses have complementary products that together provide a compelling offering to support the mission-critical operations of wealth management firms in the UK.”
Mike Power, chief executive and co-founder of Delta Financial Systems, added: “Bravura is a leader in the UK wealth management marketplace and Delta’s products sit perfectly alongside Bravura’s offering.
“The Delta management team looks forward to working together with Bravura to deliver outstanding service to both Bravura’s clients and Delta’s clients.
“This acquisition is an important and exciting step forward for Delta in supporting our valued clients.”
The Birmingham office of law firm Mill & Reeve represented Delta in the deal.
Corporate finance partner Peter McLintock said: “We have supported Delta from its early days and the end result of this acquisition was happy clients who are very satisfied with their deal and very excited about joining the buyer’s group.”