Under the non-binding term sheet, Rubik will acquire Easy Dealer group for what is expected to be $2.7 million with the option to purchase 100 per cent of parent company AMEE Easy Software Solutions further down the track.
The news came as Rubik completed its transaction with another revenue and commission firm, Revex, (first announced in July 2013) to put in place a distribution agreement that leaves the door open for Rubik to acquire Revex after three years.
Speaking to InvestorDaily, Rubik managing director Wayne Wilson said the deal with Revex took a bit longer to complete than was indicated in the July 2013 indicative term sheet.
"We had to put a licensing agreement and an option in place, so we had a lot of paperwork to complete," he said.
"But during that period we had the integration with COIN, so we’ll be releasing an integrated of Revex into COIN in February," said Mr Wilson.
The AMEE business is around 12 years old, and the Easy Dealer part of the business has around 400 clients in Australia, he said.
"It’s a mixture of life-based practices and investment based practices and small AFSLs. It’s a pretty good complementary set of clients to our set of clients who we bought from Macquarie under the Visor tag [now COIN]," said Mr Wilson.
"We’ve got about 300 practices in COIN – and very few of them are Easy Dealer users – so between that footprint and the Revex it expands our footprint to getting around 700 different practices," he said.
Rubik is also about to release version 2.1 of COIN, which will be the fourth release since Rubik acquired COIN from Macquarie in August 2012, said Mr Wilson.
"We've got another release which is due for March 2014 and another release which is due for August. So we're got lots of [technology] build going on as well as the acquisition," he said.
