Rubik acquisition signals entrance to scaled advice market
Financial software provider Rubik Financial Limited has signed a provisional agreement to acquire Provisio Software, a provider of scaled and online advice technology to a number of large industry funds.
The deal will expand Rubik's product suite in the scaled advice market and complement its existing position in the institutional market for wealth advice software, the company said.
Provisio's super fund clients include AustralianSuper, HESTA and LUCRF Super.
Rubik chairman Craig Coleman said Rubik had been evaluating leading scaled advice software providers as it believed scaled advice was a growing area due to Future of Financial Advice (FOFA) reforms.
"In acquiring Provisio, we will expand our overall advice offering, allowing us to leverage our strengths in COIN's financial planning software offerings, as well as take a leadership position in this growing scaled advice market," he said.
Current Provisio chief executive Cameron O'Sullivan and chief technology officer Jye Tucker will join Rubik Wealth's management team.
Rubik has announced that it has also entered into a placement agreement with the Wyllie Group, an existing shareholder of Rubik, which will provide enhanced flexibility for further acquisitions, it said.
The group will reorganise in order to implement the promotion of Wayne Wilson, managing director of Wealth, to report directly to the board.
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