Online revenue management company Revex Solutions has acquired the business of Olicc, a business intelligence and revenue management system.
Revex Solutions director John Brabender told InvestorDaily Revex was launched in August last year and has developed an online revenue management system. Affiliated company CommCentral functions by outsourcing services and uses several providers, including Revex, he added.
“It’s becoming economical for dealer groups to outsource [revenue processing services] that perhaps divert their concentration from the real business at hand,” he said.
Revex said a central part of its offer is providing financial services professionals and organisations with revenue and fee cycle management software solutions to assist with the business process and obligations of Future of Financial Advice (FOFA) reforms.
Its core system provides contemporary management of commissions and fees combined with an inbuilt rules-based FOFA module covering generation and distribution of opt-in and annual disclosures, the company stated.
“Revex was seeking financial software tools and solutions to supplement and support its marketplace offering. Olicc fulfilled this requirement,” Mr Brabender said.
“In addition, the Olicc software will provide access to a new and broader client base and improve the service offering to existing clients.
“We saw Olicc as being an established product with an established client base. Both Revex and Olicc do similar things, we’ve melded those together over a period of time and ended up with a better experience for our existing users.”
He said the impact on Olicc clients will be minimal initially, with the only changes being the new logo. Clients will continue to be serviced by the same support team with existing contact and service arrangements, he added.
“In a post-FOFA environment, financial services practices need both revenue reconciliation and workflow planning software that allows them to meet many of the legislative requirements relating to reporting and payments,” he said.
Revex is a private Australia-based company. The terms of the deal are subject to a confidentiality agreement, Mr Brabender said.
CommCentral is currently implementing the software into a number of advice licensees and practices in addition to integrating within existing process and systems.
