Bravura Solutions Limited (Bravura) today announced it has signed a long-term contract with STANLIB Wealth, part of the Liberty Group, for the implementation of its Sonata platform. Sonata will support the launch of STANLIB’s new investment platform, the consolidation of its back-office software and the data migration of client accounts into a single solution.
STANLIB is a leading South African wealth manager with a presence in nine African countries. It manages and administers over US$42.7bn (as at 31 December 2016) in assets for over 500,000 retail and institutional clients across Africa.
STANLIB becomes Bravura’s second major customer in South Africa and positions Bravura and Sonata well in a market that is similar in size to the Australia market. Financial services in South Africa are undergoing significant regulatory changes, which will drive a sizeable new market for Bravura.
With the addition of STANLIB as a Sonata customer to those already won in FY17, Bravura further confirms its FY17 forecasts as per the Prospectus dated 28 October 2016. There are also a number of other contracts under discussion which may close prior to 30 June 2017.
Sonata is a next-generation wealth management solution, capable of supporting investment, wrap, pensions and life insurance products across multiple distribution channels. It provides clients with a “customer centric” solution that helps streamline administration, increase cost efficiencies and facilitate compliance with ongoing regulatory changes.
On choosing to work with Bravura, Mickey Gambale, CEO, STANLIB LISP said: “We are really pleased to be working with Bravura to deliver a new investment platform solution for STANLIB. We are looking to launch a next generation administration system, developed with a core principle that strong relationships underpin long-term, sustainable business success.”
Commenting on the deal, Tony Klim, CEO, Bravura Solutions said: “We are thrilled to be working with STANLIB to roll out Sonata on this key modernisation program and look forward to a long and successful partnership with the group.”
“We see technology as a key enabler for wealth management and life insurance businesses to increase the quality of their offering to clients by shifting to a single platform solution that is cost efficient and flexible.”