Rubik completes acquisition of Visor Desktop

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Rubik Financial Limited, the ASX-listed provider of financial technology and software to over 200 financial sector clients, has announced the completion of its purchase of Visor Desktop financial planning software (formerly COIN Desktop) from Macquarie’s Banking and Financial Services Group (Macquarie).

The acquisition of Visor, which has a leading position in the independent financial adviser (IFA) financial planning software market, marks an expansion of Rubik’s presence in wealth management.
 
Visor has an established customer base of over 300 independent financial advisors who use its suite of tools and software solutions as part of their financial planning systems.
 
Wayne Wilson, Managing Director Wealth with Rubik, said the acquisition of Visor expands on Rubik’s current advice offering, allowing Rubik to service boutique clients that Macquarie retained in the COIN acquisition in 2012.
 
COIN is an industry leader in financial planning software for financial institutions in Australia due to its client base, breadth of product, dedication to support and innovation.
 
“This acquisition means Rubik will now service the boutique clients that Macquarie retained in the COIN acquisition,” said “Going forward, Rubik will be the sole provider of COIN based solution in the market.
 
“The acquisition adds to Rubik’s strong annuity revenue base, and will result in the generation of more than $3.5m in recurring revenues,” he said.
 
The Visor service is predominantly provided via a hosted offering, which will be transitioned to Rubik, following completion. A transition process has been agreed with Macquarie that will provide service continuity for Visor’s customers.
 
Wayne Wilson, Managing Director Wealth at Rubik, said: “This is a strategic and financially sound acquisition that extends Rubik’s customer base in the growing wealth market. We are looking forward to working with Visor’s staff and customers.”

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