Coin Software picks up remaining stake in Olicc Technologies
Coin Software has acquired the remaining 50 per cent stake of Olicc Technologies.
This acquisition means Coin now owns 100 per cent of the financial planning software group.
Coin will now be able to offer a practice management capability as a module within Coin Office, as well as being able to offer it as a stand-alone solution.
The acquisition will provide Olicc Technologies with economies of scale and access to development capabilities, support functions and training resources, a statement from Coin said.
Coin managing director Darelle Jenkins said the move was a “natural step” after acquiring the initial 50 per cent stake in Olicc Technologies in mid-2007.
As a result of the acquisition, the founder of Olicc, Cliff Garrels, will take up a position on the Coin board of directors, and will continue to be involved in product development within the Olicc offering.
Garrels said Olicc will remain “a stand-alone solution that can be accessed without using the Coin System”. However, the two businesses will now be able to “work more closely on integrating the two offerings to provide additional benefits to those advisers who wish to utilise more”.
The acquisition will come into operational effect on May 1 this year, the statement said.
Coin is a subsidiary of Macquarie Group.
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