Swiss fintech provider Temenos has closed the acquisition of Australia-based software provider Rubik Financial.
Rubik, founded in 2007, offers banking, wealth management and mortgage broking solutions mainly in Australia as well as internationally across Asia and the Middle East. The firm employs over 150 staff.
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Under the arrangement, Temenos has bought 100% of the issued capital of Rubik for about AUD68m ($50m). Temenos funded the transaction using its existing cash resources.
Temenos said that the deal, announced in February 2017, will allow it to ramp up growth across its key target segments such as wealth, core and digital banking and fund administration.
“The transaction is expected to contribute US$15m of non-IFRS revenues and to be non-IFRS EPS neutral for Temenos in 2017, and 3% accretive in 2018,” Temenos said.
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