Rubik Financial to buy Macquarie's Coin Software

Australian financial software and technology provider Rubik Financial Ltd. is in exclusive negotiations with Macquarie’s Banking and Financial Services Group for the purchase of Coin Software Pty.

Under the terms of the proposed deal, Macquarie will continue to service the majority of the company’s boutique independent financial advice customers, Rubik said in an ASX announcement.

Coin is Macquarie’s financial planning software business, which provides technology to financial advisers and mortgage brokers, according to Macquarie’s website. it supports around 15,000 financial advisers and administration staff across Australia, according to the website.

In a previous ASX announcement, Sydney-based Rubik said it was in talks for a potential purchase of a financial software company for its “strong market position and installed customer base” but did not identify the target company.

Rubik will fund the acquisition through cash and debt, it said the previous ASX announcement. Other terms of the deal were not disclosed.

Rubik, which provides software and financial technology to banking institutions, has over 200 customers. It provides pay-as-you-go-software systems and helps banks solve problems with legacy systems.

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