Rubik completes Easy Dealer purchase
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.
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.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.