A Swiss banking vendor, Temenos is setting its sights on the acquisition of the Australian software firm, Rubik Financial in issued capital and valuation of equity at AU$68 million.
Rubik Financial Limited, listed on the Australian Securities Exchange (ASX) as a leading software services company which provides banking, wealth management, and mortgage brokerage solutions.
Over a period of 10 years, the company has established itself in Australia and in the 12 markets, with Asia and the Middle East as primary markets. The company serves more than 930 clients and 23,000 end-users, and employs 150 staff.
This collaboration is not new to Temenos and Rubik, who have been working with each other since the past 10 years. In the past, Rubik has employed Temenos solutions for its Model Bank and digital front-end platform.
The partnership will provide scale and growth across target segments and will provide Temenos a platform for entry into the Australian wealth management market and core banking industry.
Temenos Chief Executive David Arnott said,
We are delighted to announce the proposed acquisition of Rubik, which will create a leader in the fast growing Australian financial software market by combining Rubik’s local knowledge and product set with Temenos’ global expertise and world class solutions.
He added, post the acquisition, they will be able to offer a complete vertically integrated solution for the Australian banking market, enabling the clients to realize their digital ambitions. He also mentions the acquisition will bring them scale and allow them to accelerate Temenos’ penetration and growth in the Australian market across wealth, core banking, and fund administration.
On the other side, Rubik CEO Iain Dunstan comments,
Having enjoyed a strong partnership with Temenos for a number of years, today’s announcement represents a positive result for all Rubik stakeholders. The offer delivers a significant premium to Rubik’s recent share price and provides certainty of value for our shareholders. If implemented, we believe it will have a positive impact for both our existing clients and prospective clients by providing access to the significant resources of Temenos as a market leading wealth, banking and finance software specialist.
The acquisition is expected to be finalized within the 2nd quarter of this year.
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