Banking software firm Temenos has confirmed that it has entered into a binding Scheme Implementation Deed to acquire Rubik Financial, a software provider to the financial services sector in Australia.

Founded in 2007, Rubik provides banking, wealth management and mortgage broking solutions, primarily in Australia, and also internationally across Asia and the Middle East. In the past, Rubik has successfully used Temenos solutions as the foundation for its banking and digital front end platform.

Temenos will acquire 100 per cent of the issued capital of Rubik for a cash consideration of $0.1667 per share, valuing Rubik’s equity at approximately $50 million. The scheme consideration will be funded by Temenos’ existing cash and debt facilities.

David Arnott, CEO of Temenos, 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.

“In particular, 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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