In an email to clients seen by ifa, TradeFloor head of sales Ian Aspinall announced that the company had purchased the IP of CCUBE, which entered voluntary administration on 2 April.
“Over the last few days, we have been working to contact existing CCUBE clients and re-hire some key staff,” Mr Aspinall said.
“We anticipate finalising this over the course of the coming week. Most importantly to you, be assured that CCUBE is not going anywhere.”
Mr Aspinall added that the opportunity to acquire CCUBE “could not have come at a better time for TradeFloor”.
“Our business mission has always been to revitalise financial services in Australia using technology which pushes the boundaries of what is possible today,” he said.
“That means revolutionising compliance, advice and communication.”
Mr Aspinall said the TradeFloor team was focused on “taking CCUBE to the next level by better integrating it with stockbrokers and wealth management platforms – something TradeFloor has already achieved with its other products”.
“We are also bringing our partners and their best of breed APIs to give CCUBE better access to processing orders on the ASX, integration to transactions, corporate actions and holding data, and straight-through processing of recommendations stemming from ROA and SOA processes, particularly when advising and rebalancing model portfolios,” he said.
TradeFloor, which also owns online broking group OpenMarkets, had headquarters in Brisbane with an additional Melbourne office.
Investors have done their dough… Well done to all involved.
This is good news, CCube looked like a good idea. Certainly XPLAN needs some competition
I heard some really good reports about CCUBE and that it made Xplan, MidWinter and AdviserLogic look redundant. So I hope it works out well. We need better software companies in Australia. My only concerns is the new owner is talking about data migration and not so much from a Financial Planner or Customers shoes.
Xplan was redundant about 15 years ago…midwinter was promising early however not sure what happen. Easy picking if they get it right to pull customers away from Xplan. Overpriced 90s tech.
Agree 100% on that…and just stay clear of Adviserlogic too, as it’s a piece of $%$@. If you’ve got 22,000 advisers in Australia and 21,000 work for AMP, and they’re all signed up to one software company than innovation is going to be very ordinary. Vertical intergration may be great for some but when it comes to software development it’s terrible.