Financial technology and software provider Rubik has announced the completion of its purchase of Visor Desktop financial planning software (formerly COIN Desktop), and is eyeing up the boutique client market.
Visor has a leading position in the independent financial adviser (IFA) financial planning software market, and Wayne Wilson, Rubik’s wealth managing director, says the acquisition will allow Rubik to service boutique clients that Macquarie retained in the COIN acquisition in 2012.
“Going forward, Rubik will be the sole provider of COIN based solution in the market,” said Wilson.
“The acquisition adds to Rubik's strong annuity revenue base, and will result in the generation of more than $3.5m in recurring revenues.”
“This is a strategic and financially sound acquisition that extends Rubik's customer base in the growing wealth market. We are looking forward to working with Visor's staff and customers.”
The Visor service is predominantly provided via a hosted offering, which will be transitioned to Rubik, following completion. A transition process has been agreed with Macquarie that will provide service continuity for Visor's customers.