Rubik and Revex enter into license arrangement.

Rubik Financial Limited (Rubik), the ASX-listed global provider of financial technology and software, last Friday announced it has entered into a term sheet with Revex Solutions Pty Ltd (Revex), containing an option for COIN to acquire Revex,  and a four year exclusive reseller agreement with Revex.

The term sheet entered into with Revex is non-binding. The parties have agreed to negotiate on an exclusive basis for a period of 180 days to agree full form, binding, transaction documentation.

Revex is revenue management software for Australian Financial Services Licensee’s and financial planning practices offering automated management of revenue, including commissions and client fees as well as relevant business information reporting.  Revex was established by John Brabender, the father of commission and revenue management software, having been the original founder of DMS, which was acquired by Xplan.

Reseller agreement

It is intended that on execution of a full form reseller agreement, Rubik will hold the distribution rights over the Revex software on an exclusive basis for Rubik Wealth’s customers, covering institutions, independent financial advisors (IFAs) and industry superannuation funds, as well as non-exclusive rights for  other customers with Revex continuing to support and market to its direct relationships.

Option agreement

The terms of the proposed option provides Rubik with the option to purchase the Revex business outright, at the end of a three year period.  The consideration will be based on a multiple of revenue achieved in the final 12 months prior to the exercise of the option.  The multiple paid will be dependent upon the source of the revenue.

Rubik Managing Director Wealth, Wayne Wilson, said that entry into the proposed deal would be a significant strategic outcome for Rubik. “Revex software solves the dilemma facing planners in the industry – and offers efficient commission and revenue management that meet the requirements of the FoFA reforms,” Mr Wilson said.

“The reality is that revenue and commission information needs to be collated from each of the many different investment products that clients hold. Often these fees are bundled together, and the task of itemising the fees, and unbundling them to account for those that are FoFA defined, can be onerous.

“Every institution has a different solution to this FoFA requirement. It is a time-consuming exercise that many practices are performing manually. When Revex is integrated with COIN it will provide fully merged FoFA documents, in an automated fashion, at the touch of a button.”

Revex Managing Director, John Brabender, said: “With the competitive and regulatory landscape changing, the pressure is on dealer groups and financial planners to provide cost effective and value add solutions to both advisers and clients. In this environment, technology efficiency solutions become a business focus.

“With Revex, fee management is simply managed and ongoing transactional reports are available enabling integrated transparency for reporting purposes.”

Key features of Revex include:

• Efficient processing of all commissions and fees regardless of source
• Fee invoice management including recurring invoices
• Effortless payment of all entitlements to advisers and referrals
• Extensive management reporting
• Export information to your General Ledger.

“In anticipation of entry into full form agreements, work has commenced on integrating Revex into the various COIN client systems. Rubik expects to have a fully integrated version of Revex available to all clients by November 2013,” Mr Wilson concluded.

The post Rubik Financial enters into license arrangement with Revex Solutions appeared first on AdviserVoice.

New Rubik iPad App released

Rubik Financial Limited, the ASX-listed global provider of financial technology and software, today announced the launch of its iPad app, COIN Rapid, which allows financial planners to access client details and portfolio information on-the-road directly from COIN Software.

Rubik Managing Director Wealth, Wayne Wilson, said COIN Rapid had been developed in response to market demand.

“The iPad app is fully integrated with COIN Software and allows users to access their clients’ key data and portfolio information,” Mr Wilson said.

“COIN Rapid delivers the key client information that is available on COIN Software direct to the users’ iPad, allowing users to access client information at any time, and any place.

“Along with the functionality to search through the client base and to quickly view basic information for each client, the Client Dashboard functionality allows an in-depth view of client information.

“Drilling down into each area allows users to view their clients’ essential data, such as key details, key relationships, insurance arrangements, goals and objectives and estate planning information,” Mr Wilson said.

Key features of COIN Rapid include:

• Real time access to key client details and portfolio information in COIN software
• The functionality to update the personal details of existing clients
• The ability to create new client groups, and
• The capability to view and create file notes for clients

COIN Rapid will be made available to all Rubik institutional clients that have COIN version 4.1 or later. It will be available for the ex-Visor clients when they upgrade to COIN 4.2.

The launch of COIN Rapid follows the announcement earlier this month that Rubik had completed its acquisition of Provisio Technologies. The acquisition of Provisio expands on Rubik’s current advice offerings, COIN and Visor Desktop financial planning software, and reinforces its important role in the growing wealth market.

The post Rubik launches iPad app for COIN appeared first on AdviserVoice.

The acquisition of Provisio, which is a market leader in the provision of scaled and online wealth advice software in the superannuation fund market, marks another important milestone in Rubik’s evolution.

Provisio has an established client base of large industry superannuation funds such as AustralianSuper, HESTA and LUCRF Super, as well as independent financial advisers.

The acquisition of Provisio expands on Rubik’s current advice offerings, COIN and Visor Desktop financial planning software, and reinforces its important role in the growing wealth market. COIN is an industry leader in financial planning software for the financial institution and the independent financial adviser markets in Australia due to its client base, breadth of product, dedication to support and innovation. With the acquisition of Provisio, Rubik will now hold a market leadership position within the institutional and superannuation fund market for scaled wealth advice software.

Mr Wayne Wilson, Managing Director of Rubik Wealth, said, “Provisio is a high-performing company with an outstanding product that addresses a different wealth advice segment to Rubik’s COIN software. This is a strategic and financially sound acquisition.

“Components in Provisio’s scaled advice software and the COIN software platform complement each other, which can be leveraged by Rubik to enhance the solutions currently available to our customers.”

All Provisio employees have been offered employment contracts going forward.

Mr. Cameron O’Sullivan, current CEO of Provisio Technologies and Mr Jye Tucker, current CTO of Provisio, will join the Rubik Wealth management team and continue to support the customer base with new release delivery.

“The Provisio team is excited about the changes taking place. We are looking forward to working with Rubik to provide an even more comprehensive product to our clients.” Mr O’Sullivan said.

The post Rubik completes purchase of Provisio appeared first on AdviserVoice.

Provisio is a market leader in the scaled and online advice markets. Its client list includes many of the largest industry superannuation funds such as AustralianSuper, HESTA and LUCRF Super. Provisio has also developed a hosted platform for the provision of scaled advice for both the institutional and independent financial advisor (IFA) markets. 

The post Rubik targets scaled advice market appeared first on AdviserVoice.