Rubik to acquire Provisio
Global financial services software provider Rubik, which last year acquired financial planning software provider COIN from Macquarie, has announced a conditional binding agreement to acquire Provisio software.
"We have been evaluating the leading scaled advice software providers in the market as we believe this will be a growing area given the changes accompanying Future of Financial Advice reforms,” said Rubik chairman Craig Coleman.
"In acquiring Provisio, we will expand our overall advice offering, allowing us to leverage our strengths in COIN's financial planning software offerings, as well as take a leadership position in this growing scaled advice market."
Provisio chief executive Cameron O'Sullivan and chief technical officer Jye Tucker will join Rubik’s wealth management team.
Rubik has also announced that it has entered into a placement agreement with the Wyllie Group, an existing shareholder of Rubik, which will provide enhanced flexibility for further acquisitions. There will also be a reorganisation of the group that will see the promotion of Wayne Wilson, managing director of wealth, to report directly to the board, Rubik stated.