Rubik in moves around Revex transaction
Financial services technology provider, Rubik Financial Limited has entered an agreement with Revex Solutions around COIN acquiring Revex and a four-year exclusive reseller agreement.
The company said last week that the "term sheet" arrangement entered into with Revex was non-binding, with the parties having agreed to negotiate on an exclusive basis for a period of 180 days with the aim of agreeing full form, binding, transaction documentation.
The announcement described Revex as being revenue management software for Australian Financial Services Licensee's and financial planning practices.
It said Revex offered automated management of revenue, including commissions and client fees as well as relevant business information reporting.
The announcement said it was intended that on execution of a full form reseller agreement, Rubik would hold the distribution rights over the Revex software on an exclusive basis for Rubik Wealth's customers, covering institutions, independent financial advisors and industry superannuation funds, as well as non-exclusive rights for other customers with Revex continuing to support and market to its direct relationships.
It said the terms of the proposed option provided Rubik with the option to purchase the Revex business outright, at the end of a three year period.
Rubik Managing Director, Wealth, Wayne Wilson said his company's entry into the proposed deal would be a significant strategic outcome for Rubik.
"Revex software solves the dilemma facing planners in the industry - and offers efficient commission and revenue management that meet the requirements of the FOFA reforms," Wilson said.
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