Rubik completes COIN acquisition
Global financial technology and software provider Rubik Financial has completed its acquisition of COIN Software from Macquarie's Banking and Financial Services Group.
All key staff have signed employment contracts, according to Rubik.
Rubik chairman Craig Coleman described the move as a strategic and financially sound acquisition.
As part of the agreement, Macquarie will continue to service the majority of COIN's boutique or independent financial advice clients, under a licence from COIN, and COIN will become one of the product lines of Rubik.
Rubik said the acquisition adds to Rubik's strong annuity revenue base and will contribute to Rubik's earnings.
Rubik paid $23.75 million for the acquisition, with a further net tangible asset adjustment payable in cash in 12 months. Rubik said it will fund this acquisition through existing cash reserves and bank debt.
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