Rubik Financial has announced an agreement with Macquarie Group to acquire the COIN Software financial planning business for $23.75 million.
The acquisition expands Rubik’s financial planning capacity to include software, while Macquarie will continue to service the majority of COIN’s clients under a licencing agreement.
Rubik chairman Craig Coleman said the firm had been assessing acquisition opportunities for some time.
“COIN is an industry leader in financial planning software for financial institutions in Australia due to its client base, breadth of product, dedication to support and innovation,” Mr Coleman said.
“We expect that as a result of this acquisition we will be able to expand our overall offering and allow us to leverage our strengths in mobile and internet into COIN’s financial planning software offerings.
“Our initial focus will be on delivering already committed product development programs and preparing our products for changes that flow from the Future of Financial Advice reforms.
“Beyond this, we will review technology opportunities based on customer feedback and market opportunity, whilst ensuring ongoing support to clients.”
