The acquisition of fintech firm Rubik Financial by Temenos Solutions Australia has been finalised following the submission of court orders with ASIC.
Rubik Financial’s securities were suspended from quotation at market close on Monday, 8 May following the lodgement of orders from the Federal Court with the corporate regulator approving the acquisition by the wholly owned subsidiary of Temenos Group AG.
The $68 million acquisition was announced to the market on 15 February 2017, with the Switzerland-based Temenos offering a cash consideration of $0.1667 per share – a 52 per cent premium to the company’s share price at the time.
Rubik chief executive Iain Dunstan said the offer was “compelling” and the acquisition was the logical conclusion of the two businesses’ partnership.
"If implemented, we believe the scheme will have a positive impact for both our existing clients and prospective clients by providing access to the significant resources of Temenos as a market leading wealth, banking and finance software specialist,” Mr Dunstan said.
The acquisition is now “legally effective”, with Temenos Solutions Australia acquiring all issued shares in Rubik.