Rubik completes Easy Dealer purchase

31 March 2014

Rubik has completed the $2.7 million acquisition of Easy Dealer, adding the latter's revenue and commission management software to the suite of Rubik products.

The deal was announced in late January with the purchase price based on a 4.55 times multiple of normalised earnings before income tax for 2014 for the software, which competes with Xplan's ‘Commpay' offering.

As part of the acquisition Rubik purchased 100 per cent of the share capital of Easy Dealer's parent company — AMEE IP Holdings Pty Ltd — and picked up the associated intellectual property and the trading company from founder Matthew Meath.

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Rubik will deploy Easy Dealer, Easy Payments — a credit card payment system — and EBAFSL, which imports revenue statements from product providers to its users.

Rubik managing director Wealth Wayne Wilson said the acquisition provides more services to planners who do not use COIN software and would be used in an expanded version of Rubik's scaled advice online platform Provisio.

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