Visor is based on Rubik’s COIN financial planning software, which the company purchased from Macquarie in 2012.
“The acquisitions of COIN in 2012 expanded Rubik’s wealth offering to the financial intuition market and crated significant scale across the group,” Rubik Financial managing director wealth Wayne Wilson said.
“The acquisition of Visor broadens Rubik’s presence into the IFA (independent financial adviser) market… and means that Rubik is the sole provider of COIN-based solutions in the market.”
As part of the 2012 COIN acquisition, Macquarie continued to service a majority of COIN’s independent financial adviser clients, under a licence from COIN, with the renamed Visor software.
The new agreement means that Rubik will further expand into wealth management as it services the boutique clients retained by Macquarie as part of this earlier transaction.
In February this year, Rubik expanded its software offering after acquiring scaled and online advice provider Provisio.
Mr Wilson told InvestorDaily at the time that the acquisition “opens up new market segments for Rubik, mainly scaled and online advice in the superannuation and IFA markets”.
Rubik said the acquisitions will further the group's reach into financial services.
“Rubik is a dedicated financial software company, and COIN and Provisio (which will also be acquired to Rubik) are industry leaders in their respective markets,” Rubik chairman Craig Coleman said.
“The acquisition brings to Rubik a strong annuity revenue base and recurrent earnings, and provides Rubik with greater scale.”
