Smart50 rank: 11
Revenue: $136,200,000
Growth: 134.87%
Founders: Iain Dunstan, 47; Simon Woodfull, 40
Based: New South Wales
Employees: 550
Industry: Information technology
Website: www.bravurasolutions.com
Financial services software provider Bravura Solutions has been at the forefront of the downturn, with founders Iain Dunstan and Simon Woodfull saying the industry has come to a halt.
"We have seen smaller and shorter-term projects put on hold, while those that reduce costs and improve efficiency go forward. Overall, the industry is understanding the need to upgrade legacy systems for greater cost efficiency."
The company offers programs for wealth management, including superannuation and pension, life insurance, portfolio administration, investment, transfer agency and financial services solutions.
It recorded $136 million in revenue for 2008-09, with 134% average growth, but surviving the
industry has proven difficult. Dunstan says the company has "definitely" had to change its processes over the last year and "focus far more on revenue and margins".As the company grows, Dunstan says opportunities to expand will also present different types of challenges for the company.
"We undertook eight acquisitions over a period of three years, which meant exponential growth. Managing the growth was extremely challenging, but we took things step by step, implementing new policies, procedures and management to suit the growing company."
"Obtaining further capital to expand the company is definitely on the agenda, we will also look for suitable acquisition opportunities, while we continue to consolidate."
Dunstan says the challenges in setting up an IT services company included searching for funding and controlling cashflow, but he has learnt a few lessons along the way.
"Planning is important, so is flexibility. Employ intelligent, motivated staff and keep them. Take every opportunity to network and build relationships. Work hard and work smart... sustained business success is what you're after. Always make time for your family... We learnt patience and that nothing can substitute hard work and drive."
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