Acquisitions to expand Rubik commission capabilities
Financial planning software provider Rubik Financial Limited will boost its commission and revenue management systems after announcing the licensing and purchase of two software packages to be integrated into its Coin package.
According to an announcement released to the Australian Stock Exchange, Rubik has completed its transaction with Revex, which was first announced in July 2013, in which it will have exclusive distribution rights of Revex software to Rubik clients. The deal also provides Rubik with the option to purchase Revex after three years.
Under the distribution agreement, Rubik will be able to resell Revex to its institutional, financial planning and industry superannuation fund clients and will begin to make the integrated COIN/Revex planning software available to non-aligned financial planners from February this year.
Rubik has also entered into a non-binding term sheet with Easy Dealer group, a division of AMEE Easy Software Solutions, to acquire its revenue and commission software business and ultimately AMEE East Software Solutions itself.
Rubik will make a single upfront payment of about $2.7 million — based on a 4.55 times multiple of normalised earnings before income tax for 2014 — for Easy Dealer, which competes with Xplan's ‘Commpay' offering.
Rubik managing director, wealth Wayne Wilson said the packages were complementary, since the COIN-integrated Revex solution will target Rubik clients using its COIN software while the Easy Dealer software will service clients using non-COIN financial planning software such as Xplan or Midwinter.
AUTHOR
Staff Writer
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.
