Swiss fintech firm Temenos has agreed to acquire Rubik Financial, a financial software vendor based in Australia.

Rubik, established in 2007, offers banking, wealth management and mortgage broking solutions, mainly in Australia, and also internationally across Asia as well as in the Middle East. The company generated revenue of A$43.3m for the year ended June 2016.

Under the arrangement, Temenos will buy 100% of the issued capital of Rubik for a cash consideration of A$0.1667 per share, valuing Rubik’s equity at nearly A$68m ($52m). The transaction will be financed by Temenos' existing cash and debt facilities.

Temenos said that the takeover will support its growth across its key target segments such as wealth, core banking, as well as fund administration.

Temenos CEO David Arnott said: “We are delighted to announce the proposed acquisition of Rubik, which will create a leader in the fast growing Australian financial software market by combining Rubik’s local knowledge and product set with Temenos’ global expertise and world class solutions.

“In particular, Rubik’s expertise and offering in the wealth space are highly complementary to our existing products, and a key aspect of the acquisition for Temenos given the size of this opportunity in the domestic market.”

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By GlobalData

The deal is expected to be wrapped up by the end of May 2017, subject to shareholder and court approvals.