ASX-listed financial technology and software provider, Rubik Financial will acquire scaled advice software vendor, Provisio Software.
Rubik Chairman, Craig Coleman, said it had been evaluating scaled advice software providers in the market and he believes it will be a growing area given the changes accompanying Future of Financial Advice reforms.
Provisio customers include AustralianSuper, HESTA and LUCRF Super. Provisio developed a hosted platform for the provision of scaled advice for both the institutional and independent financial advisor (IFA) markets.
Current Provisio Software CEO, Cameron O'Sullivan and CTO, Jye Tucker, will join Rubik's wealth management team. It will also provide institutions and IFAs with the ability to access Provisio's scaled advice platform as well as Coin Software.
Rubik purchased Macquarie Bank's Coin software business unit in June. Coin was Macquarie’s financial planning software business, which provides technology to financial advisers and mortgage brokers.
Rubik has also entered into a placement agreement with the Wyllie Group, an existing shareholder, to help make further acquisitions. The group has also been reorganised with the promotion of managing director of wealth, Wayne Wilson, to report directly to the board.