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Rubik Financial Ltd Enters Into Non-Binding Term Sheet For Exclusive License Arrangement With Revex Solutions Pty Ltd Together With Acquisition Option


Thursday, 18 Jul 2013 06:44pm EDT 

Rubik Financial Ltd announced it has entered into a term sheet with Revex Solutions Pty Ltd (Revex), containing an option for COIN to acquire Revex, and a four year exclusive reseller agreement with Revex. The term sheet entered into with Revex is non-binding. The parties have agreed to negotiate on an exclusive basis for a period of 180 days to agree full form, binding, transaction documentation. It is intended that on execution of a full form reseller agreement, Rubik will hold the distribution rights over the Revex software on an exclusive basis for Rubik Wealth’s customers, covering institutions, independent financial advisors (IFAs) and industry superannuation funds, as well as non-exclusive rights for other customers with Revex continuing to support and market to its direct relationships. The terms of the proposed option provides Rubik with the option to purchase the Revex business outright, at the end of a three year period. The consideration will be based on a multiple of revenue achieved in the final 12 months prior to the exercise of the option. The multiple paid will be dependent upon the source of the revenue. 

Company Quote

0.305
-0.0050 -1.61%
12:59am EDT