COIN Software Pty Ltd today announced it has taken full ownership of Olicc Technologies, acquiring the remaining 50 per cent stake in the business and bringing the two operations closer together.
The acquisition adds significantly to COIN’s offering, providing a wholly owned, market leading practice management capability that can now be accessed by advisers as a module within COIN Office, or as a stand alone solution.
For Olicc the move will provide economies of scale to the business, enabling it to continue to innovate and grow, through providing access to development capabilities, support functions and training resources.
COIN Managing Director Darelle Jenkins said that this is an exciting development which has opened up a number of opportunities to enrich the experience advisers have with both businesses.
“This is a very exciting development for us and was a natural step after acquiring our initial 50 per cent stake in Olicc back in June 2007,” Ms Jenkins said.
“Since that time the Olicc business has continued to grow significantly and is now being used by a greater number of advisers around Australia, some of whom also use the COIN system.
“This latest development means we can build on our common values of driving business efficiency and client satisfaction for advisers, while also ensuring that we stay at the cutting edge of new innovation across the technology space.”
As a result of the acquisition, Olicc Founder, Cliff Garrels, will take up a position on the COIN Board of Directors, while continuing to be involved in product development within the Olicc offering.
Mr Garrels said that the closer partnership between the two businesses will enable Olicc to leverage off COIN’s training and development expertise to make sure it can continue to build on the offering and service standard it provides to advisers.
“Olicc is designed and developed for advisers to help make sure they are getting the maximum value out of their business, through having a clear view of exactly how the practice is operating,” Mr Garrels said.
“Full ownership by COIN makes perfect sense, as the two organisations and their offerings complement each other well in driving efficiencies within a financial advisory practice.
“While Olicc will remain a stand alone solution that can be accessed without using the COIN system, we can now work more closely on integrating the two offerings to provide additional benefits to those advisers who wish to utilise more.”
For more information contact:
Katrina Banks 02 8224 0700
COIN is a subsidiary of the Macquarie Group of companies.
