Bravura Solutions Limited (ASX:BVS) could be purchased by Insignia Financial Ltd. (ASX:IFL), if it is not snapped up by a private equity firm or a fellow technology company such as FNZ first, say sources. Market experts believe an acquisition would make sense for $2bn wealth manager Insignia (previously IOOF) because it could use Bravura's technology. Expectations are that advisers are at the very least shopping the idea to the listed wealth manager if it is not looking already.

But the widely held view among market participants is that while it makes strong strategic sense, Insignia has too much debt and would not be in a position to raise the equity to fund a transaction.