Court approves Rubik-Temenos merger

08-May-2017

By Sarah Kendell

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The Federal Court of Australia has approved the merger between financial technology company Rubik and global software firm Temenos, paving the way for the provider of adviser software platforms Coin and Provisio to become Temenos Australia.

Speaking to financialobserver following the completion of the transaction, Rubik head of marketing and communications Joanna McCarthy said the expertise of Temenos, who serviced more than 2000 financial institutions globally, as well as their commitment to research and development would ensure the local business received a welcome boost in resources.

“Temenos pride themselves in being focused only on financial software and in the Asia Pacific region wealth management is the largest piece of their business, so there is a big commitment to keeping their wealth suite of products at the forefront of innovation,” she said.

“The fact that they have such a huge amount of clients through Asia Pacific and to be able to bring that grunt to here, it opens up a wealth of global resources and funding so that we can now accelerate at a much faster rate than we would ever have been able to.”

Rubik head of institutional sales Anthony Meogrossi added that the global software firm’s “deeper pockets” would drive increased support for Rubik’s existing clients in the wealth management space.

“I think it’s a win-win for us and for customers, because it’s business as usual but in fact it will be better for them because they get a look-in in terms of some of the other wealth management products Temenos has,” he said.

“As products we will continue to develop Coin and Provisio, and in fact Temenos sees them as having applicability in other parts of the world – some of their clients in Europe have been demanding these type of products in terms of financial planning capability.”

While the company was yet to confirm what management and staff numbers would look like under the new merged Temenos Australia entity, McCarthy said mass redundancies were unlikely given Temenos’ attraction to the deal had lain in Rubik’s local staff footprint and industry expertise.

“It’s not about them coming in and taking over - they want the expertise that we have in our wealth and banking space, so the last thing they want is everybody to leave,” she said.

The final stage of the merger process will see Rubik de-list from the ASX this week.

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