Temenos to buy Australia's Rubik Financial for US$50 million

Temenos to buy Australia's Rubik Financial for US$50 million

Swiss core banking vendor Temenos is to buy Australian partner Rubik for US$50 million.

Founded in 2007, Rubik claims 930 clients for its banking, wealth management and mortgage broking software across Asia and the Middle East. The company, which employs 150 staff, generated revenue of A$43.3 million for the year ended June 2016, of which over 70% is recurring revenues primarily from Software-as-a-Service.

The US$50 million deal, which is subject to shareholder approval, represents a 52% premium to Rubik’s closing price of A$0.11 on 14 February 2017.

Temenos, which has a longstanding partnership with Rubik which dates back nearly 10 years, views the acquisition as a platform for growth in the Australian and wealth management market.

Temenos CEO David Arnott says: "Rubik’s expertise and offering in the wealth space are highly complementary to our existing products, and a key aspect of the acquisition for Temenos given the size of this opportunity in the domestic market."

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