Financial technology provider, Rubik has signed a binding agreement to acquire Visor Desktop financial planning software (formerly COIN Desktop) from Macquarie’s Banking and Financial Services Group, to expand wealth management market in Australia.
Rubik Financial MD of wealth, Wayne Wilson, said: "The acquisition of Visor broadens Rubik’s presence into the IFA market, complements the recently announced acquisition of Provision and means that Rubik is the sole provider of COIN based solutions in the market."
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The transition from Macquarie to Rubik is expected to be seamless with Rubik already providing a hosted service to its institutional customer base and offering roles to Macquarie customer facing staff.
As part of the 2012 COIN acquisition agreement, Macquarie continued to service the majority of COIN’s boutique (independent financial advice) clients, under a license from COIN, with the renamed software Visor.
Wilson said this agreement means Rubik will now service the boutique independent financial advice clients that were retained by Macquarie as part of the COIN Transaction.
This is the third acquisition for Rubik in the wealth management space.
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By GlobalData"The acquisition of COIN in 2012 expanded Rubik’s wealth offering to the financial institution market and created significant scale across the group," Wilson said.
