Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Stargate acquired by software giant

Stargate Information Systems has been acquired by the country’s largest financial services software group.

Rubik Financial Limited today announced it has acquired the software provider and has executed a binding agreement to acquire Infinitive Pty Ltd.

The two mortgage industry software companies together handle approximately 25 per cent of all broker mortgage settlements through the provision of cloud-based desktop applications and gateway software, according to today’s ASX announcement.

Advertisement
Advertisement

Stargate has been valued at $35.0 million, while Infinitive has an upfront consideration of $2.4 million, according to the Rubik statement.

“I am excited about working more closely with the Rubik team, whom we have previously worked with during the integration of the financial planning and the mortgage broking platforms,” Stargate chief executive Brett Spencer said.

Mr Spencer is now Rubik’s managing director, mortgages.

“We have identified further cost and revenue synergies and we anticipate that our customers will materially benefit from this union,” Mr Spencer said.

According to its ASX statement, Rubik is the largest financial services software house in Australia, servicing 110 out of 171 Australian ADIs.

 

Stargate acquired by software giant
mortgagebusiness

Latest News

A non-major has increased mortgage rates for both new owner-occupier and investor borrowers by up to 25 bps, in a bid to enhance turnaround ...

The NHFIC has launched an online questionnaire to help first home buyers assess their eligibility for the government’s first home loan dep...

The non-major has opened trading for the second round of its capital raising aimed at bolstering its capital position. ...

FROM THE WEB
podcast

Spotlight: Diversifying revenue streams by accessing commercial lending specialists

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.