Rubik Financial under $68m takeover bid from Swiss banking tech giant

by Paolo Taruc16 Feb 2017
ASX-listed fintech firm Rubik Financial has agreed to a $68m takeover by Swiss banking tech giant Temenos.

The agreement follows a decade-long business partnership between the companies in Australia.

The deal needs approval from Rubik’s shareholders, and the firm’s board of directors has unanimously recommended that they approve the scheme. Rubik’s three largest shareholders will vote in favour of the acquisition. Should it push through, Temenos will acquire 100% of the issued capital of Rubik for a cash consideration of $0.1667 per share. Rubik will be rebranded in Australia as Temenos.

“If implemented, we believe the Scheme 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,” said Rubik Financial CEO, Iain Dunstan.

Temenos head of Asia-Pacific, Martin Frick, said the acquisition is an important part of the firm’s strategy to increase scale and to accelerate growth across its key target segments including wealth, core banking and fund administration in Australia and in Asia.

“The proposed acquisition will provide Temenos with an immediate and established presence within the fast growing Australia financial software market – one of the few developed markets where the company is currently under-represented,” he explained.

“By acquiring Rubik, we will be able to provide a complete vertically integrated solution for the Australian banking market, enabling our clients to realise their digital ambitions. The acquisition will bring us scale and allow us to accelerate our penetration and growth in the Australian market across wealth, core banking and fund administration.”


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COMMENTS

  • by Team D 16/02/2017 8:45:37 AM

    Big premium but pennies compared to what it was worth. Makes you wonder what a giant banking software company will do with some wealth and mortgages products / divisions.

  • by B.S. 16/02/2017 2:17:43 PM

    Team D

    Unless you're an investor, what do you care??

    Maybe they'll shake things up a little and bring more product offerings to the market.

    I welcome it

  • by LC Raider 17/02/2017 10:01:35 AM

    I doubt it B.S.... Temenos has no interest in mortgages by the look of their website and if Team D was an investor, he would have lost a bomb given the huge decline in share price since Rubik entered the mortgage market by buying Stargate & Pisces. I only hope that my aggregator who uses Symmetry doesn't get screwed by a global player coming in and giving the product no love.