Global software provider looks to acquire COIN
Global financial technology and software provider Rubik Financial has signed a conditional agreement to acquire COIN from Macquarie Group.
Macquarie will continue to service the majority of COIN's boutique independent financial advice clients, under a licence from COIN, Rubik said in a statement.
The purchase price paid at completion may be subject to completion adjustments, but will not exceed $23.75 million, Rubik, stated.
In addition there will be a further net tangible asset adjustment payable in cash 12 months after completion, according to Rubik, which will fund the acquisition through existing cash reserves and bank debt.
"We believe the proposed separation of COIN to focus on institutional and boutique businesses as two distinct and independent offerings, creates a great opportunity for the growth of both of these specialist financial planning software businesses," said head of Macquarie Adviser Services Tony Graham.
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