Tacit staff go as company is bought

Chief executive among 40 staff made redundant

Approximately 40 Tacit staff, including the company's former chief executive, Paul Jennings, have been made redundant as a result of the company being acquired by Australian financial services software maker Bravura.

Bravura chief executive Iain Dunstan says the number of staff laid off is approximately 35 equivalent full time staff, or 40 if contractors are included.

"There are job losses, as you'd expect with any acquisition," Dunstan says.

The bulk of the redundancies, approximately 20, come from the closure of Tacit's Kuala Lumpur office, which had been the headquarters for a project with Prudential that has been put on hold, Dunstan says.

The other lost jobs are in Australia and New Zealand and are mainly in finance, administration and internal IT, he says.

Among those who have left is former chief executive Paul Jennings, who was based in Melbourne. Bravura's New Zealand operations will be run by Jason Tong, who had been Tacit's chief operating officer in New Zealand.

The name Tacit will disappear as Tacit's product line is brought into Bravura, but the brand names of Tacit's products, such as Talisman, will remain, Dunstan says.

Bravura will keep Tacit's offices in Auckland and Wellington and new premises are being sought in Wellington, he says.

Tacit's Melbourne staff will move to Bravura's Melbourne office and there is likely to be an expansion of Bravura's presence in Hong Kong, where both Tacit and Bravura had representatives, he says.

Tacit's UK management will remain the same under Bravura, he says.

Dunstan wouldn't be drawn on the value of the Tacit purchase, saying "it's not public information — it's quite a complex deal."

He says the value of the deal to Bravura is that it adds to Bravura's financial services applications portfolio.

"There are great synergies," he says. "We didn't have life applications and Tacit does, wheareas Tacit isn't strong in superannuation and pensions, which Bravura is.

"It's a logical acquisition."

Bravura will have 155 staff when the deal is completed next month.

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