Stargate acquired by software giant

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.

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.