The financial services division of Macquarie Group (Macquarie) has entered into exclusive negotiations with Rubik Financial (Rubik) for the partial sale of its financial planning software unit, Coin Software.
A Macquarie spokesperson told InvestorDaily the company is in discussions with the specialist financial software company to sell the institutional side of the Coin business.
A sale would result in a separation of Coin's institutional and boutique businesses.
"We believe that the proposed separation of the Coin institutional and boutique businesses will create an opportunity for us to have a greater focus on the specific software and service needs of our IFA [independent financial adviser] clients," the spokesperson said.
"Macquarie provides a broad range of services and products to boutique independent financial advice businesses, and we remain committed to supporting this part of the market with financial software solutions.
"This will have no impact on Coin's current boutique [IFA] clients who will remain clients of Macquarie."
Macquarie is working closely with its COIN clients to discuss the proposed agreement, the spokesperson added.
The two listed companies entered into advance discussions over Coin earlier this month.
On 14 June, Rubik informed the market it had entered into confidential discussions with an unknown entity regarding a potential acquisition of a financial services software business.
Five days later, the company revealed it is in discussions with Macquarie over its Coin business.
"Under the proposed agreement Macquarie will continue to service the majority of the business's boutique independent financial advice clients," the Rubik statement to the Australian Securities Exchange said.
Rubik's interest in Coin stems from the company's intention to expand its business operations through acquisition, the company said.
