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.
AUTHOR
Jason Spits
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
