Ann: Bravura group signs agreement with Fidelity International, page-8

vinnie I agreed with your points originally when I first saw this announcement however I re-read and had some ideas...will know more next week at results announcement

1) fidelity are going it alone but bravura maintains all ip/ ownership...fidelity might be wanting to cut/change dramatically and bravura possibly wasn't in a position to do so ie not relevant to the rest of the client base...fidelity can't sub licence or on sell so purely for them

2) potentially but we don't know contribution for fidelity into revenue

3) yes however I note the term enterprise used a few times in the announcement...enterprise generally means boutique/small/medium private businesses...potentially bravura sees more value / growth in this area then the traditional larger clients perhaps

just my thoughts! although selling one perpetual licence to fidelity for circa $65ishm is impressive, would love to know how many years of revenue this normally is!