Wilson outlines Rubik strategy
Former Asgard boss Wayne Wilson, who was yesterday announced by Rubik as the new head of COIN software, has flagged potential further acquisitions for the group as it seeks to develop its wealth capabilities.
Wilson said Rubik already had a strong presence in Australia but in a different part of the market, providing transactions and collections services to the banking community.
"One of the reasons Rubik wanted to move into the wealth market is that many of their current clients have a wealth capability, and they were looking to enhance the service offering into that space," he said.
"The idea was to build wealth a capability across a range of services, and COIN was seen as a good hub off which to develop." There is also a range of licences out of Europe that Rubik is looking at in terms of plugging their capabilities into the COIN hub, he said.
Rubik's major strategy will be to make COIN a clear leader in the Australian marketplace in its space, but the first task will be to go through a client engagement piece with all COIN's institutional clients, which should take two to three months, Wilson said.
Some of COIN's existing clients were already clients of Rubik, but the transaction also brought some new clients, he added.
Rubik is also currently reviewing a number of other opportunistic acquisitions in the marketplace, and while Wilson could not specify details, he said all those potential opportunities would be a "logical fit" in the directions Rubik is currently taking.
Rubik announced the conditional acquisition of COIN in early July and completed the acquisition last week, before announcing Wilson's appointment yesterday.
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