The $35 million acquisition of Stargate’s technology division by Rubik Financial has helped the platform provider attract the industry’s largest diversified financial services groups.
ASX-listed Rubik acquired Stargate Information Systems and Infinitive back in June and since then the company has been busy integrating the businesses into its fold.
“It has been met with good response, we have companies like Mortgage Choice that have now moved over to our software and replaced their existing in-house CRM systems,” Rubik Financial managing director of mortgages Brett Spencer told Mortgage Business.
“We are working now with Rams to put their franchise group onto the platform as well,” Mr Spencer said.
The group is also working with a number of large aggregators, but could not provide further information.
Mr Spencer said Mortgage Choice has been in the pipeline for quite some time, and that its push towards becoming an integrated financial services business with the addition of a financial planning arm was a perfect fit for Rubik.
“The whole strategy of the group, with Rubik having a combined wealth solution and mortgage solution that is the integrated platform in the market is a big plus for brokers, particularly with diversification,” he said.
Astute Financial is another diversified group working with Rubik’s mortgage platforms.
“There are opportunities for companies like that to have a single supplier and a single integrated solution,” Mr Spencer said.
“We have had a number of customers, who were an existing Symmetry client, who have taken up the wealth platform, Coin, and are now providing a greater service and Mortgage Choice is a classic example of that,” he said.
The convergence of financial services was one of the key drivers behind Stargate’s decision to partner with a technology provider in the wealth space.
“From a Stargate perspective, when Rubik approached us and said they wanted to bring us into their stable it took some time, but it was the same vision that we had – the convergence of financial planning and wealth with mortgages, and dealer groups with aggregators,” Mr Spencer said.
“You look at what John Kolenda has done at Finsure; he’s got his dealer group and his broker group,” he said.
“It’s the way of the future.”
Meanwhile it is business as usual for Stargate, which has seen no structural changes since the June acquisition.
“It is still the same guys running it, the same guys working on the platforms and the same teams working on the products,” Mr Spencer said.