Announcement • Feb 04
Caterpillar Inc. (NYSE:CAT) completed the acquisition of RPMGlobal Holdings Limited (ASX:RUL). Caterpillar Inc. (NYSE:CAT) signed a non-binding indicative proposal to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion on September 1, 2025. Caterpillar Inc. (NYSE:CAT) entered into Scheme Implementation Deed to acquire RPMGlobal Holdings Limited (ASX:RUL) on October 12, 2025. A cash consideration valued at AUD 5 per share will be paid by Caterpillar Inc. The break fee and reverse break fee has been set at AUD 10 million.
The transaction is subject to consummation of due diligence investigation and definitive agreement. Implementation of the Scheme is subject to regulatory approvals from the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC), and other customary conditions, including RPM shareholder approval, Court approval, and there being no Material Adverse Change. The RPM Board unanimously recommend that RPM shareholders vote in favour of the Scheme. The transaction is expected to close on February 4, 2026. Australian Competition and Consumer Commission approved the transaction on December 18, 2025. As of December 19, 2025, the deal was approved by the shareholders of RPMGlobal. As of January 22, 2026, Treasurer of the Commonwealth of Australia that the Commonwealth Government has no objection to the Scheme under the Foreign Acquisitions and Takeovers Act 1975 (Cth). Accordingly, the Foreign Investment Approval condition contained in the Scheme Implementation Deed has been satisfied. As of February 3, 2026, the acquisition was approved by the Federal Court of Australia.
Moelis Australia Securities Pty Ltd. acted as financial advisor for RPMGlobal Holdings Limited. Derek Pocock of Baker McKenzie LLP acted as legal advisor for RPMGlobal Holdings Limited. Peter Stirling of King & Wood Mallesons, Australia Branch acted as legal advisor to Caterpillar. J.P. Morgan Securities LLC is serving as Caterpillar's financial advisor for the transaction.
Caterpillar Inc. (NYSE:CAT) completed the acquisition of RPMGlobal Holdings Limited (ASX:RUL) on February 4, 2026. Board Change • Dec 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Angeleen Jenkins was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 15
RPMGlobal Holdings Limited, Annual General Meeting, Oct 17, 2025 RPMGlobal Holdings Limited, Annual General Meeting, Oct 17, 2025. Announcement • Sep 01
Caterpillar Inc. (NYSE:CAT) signed a letter of intent to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion. Caterpillar Inc. (NYSE:CAT) signed a non-binding indicative proposal to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion on September 1, 2025. A cash consideration valued at AUD 5 per share will be paid by Caterpillar Inc.
The transaction is subject to consummation of due diligence investigation and definitive agreement.
Moelis Australia Securities Pty Ltd. acted as financial advisor for RPMGlobal Holdings Limited. Baker McKenzie LLP acted as legal advisor for RPMGlobal Holdings Limited. Reported Earnings • Aug 27
Full year 2025 earnings released: EPS: AU$0 (vs AU$0.016 in FY 2024) Full year 2025 results: EPS: AU$0 (down from AU$0.016 in FY 2024). Revenue: AU$73.9m (up 6.4% from FY 2024). Net income: AU$4.0k (down 100% from FY 2024). Profit margin: 0% (down from 5.3% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
RPMGlobal Holdings Limited to Report Fiscal Year 2025 Results on Aug 29, 2025 RPMGlobal Holdings Limited announced that they will report fiscal year 2025 results on Aug 29, 2025 Board Change • Aug 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Angeleen Jenkins was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 03
SLR Consulting Australia Pty Ltd completed the acquisition of RPM Advisory Services Pty Ltd from RPMGlobal Holdings Limited (ASX:RUL). SLR Consulting Australia Pty Ltd has signed a share sale agreement to acquire RPM Advisory Services Pty Ltd from RPMGlobal Holdings Limited (ASX:RUL) for an enterprise value of AUD 63 million on February 23, 2025. All RPM advisory employees will be transferred to SLR and, following the transition, will operate under the “SLR” brand.
For the period ending June 30, 2024, RPM Advisory Services Pty Ltd reported total revenue of AUD 31.1 million and net income of AUD 7.8 million. Moelis Australia Advisory Pty Ltd acted as financial advisor to RPMGlobal Holdings Limited. Baker & Mckenzie acted as legal advisor to RPMGlobal Holdings Limited. Grant Thornton Australia Limited acted as accountant to RPMGlobal Holdings Limited. DLA Piper Australia Pty Ltd acted as legal advisor to SLR Consulting Australia Pty Ltd.Kpmg Australia International (Holdings) Pty Limited acted as accountant to SLR Consulting Australia Pty Ltd.
The expected completion of the transaction is April 1, 2025 to June 30, 2025.
SLR Consulting Australia Pty Ltd completed the acquisition of RPM Advisory Services Pty Ltd from RPMGlobal Holdings Limited (ASX:RUL) on April 2, 2025. As of April 2, 2025 all conditions have been fulfilled. Announcement • Feb 25
SLR Consulting Australia Pty Ltd has signed a share sale agreement to acquire RPM Advisory Services Pty Ltd from RPMGlobal Holdings Limited (ASX:RUL) for an enterprise value of AUD 63 million. SLR Consulting Australia Pty Ltd has signed a share sale agreement to acquire RPM Advisory Services Pty Ltd from RPMGlobal Holdings Limited (ASX:RUL) for an enterprise value of AUD 63 million on February 23, 2025. All RPM advisory employees will be transferred to SLR and, following the transition, will operate under the “SLR” brand.
For the period ending June 30, 2024, RPM Advisory Services Pty Ltd reported total revenue of AUD 31.1 million and net income of AUD 7.8 million. Moelis Australia Advisory Pty Ltd acted as financial advisor to RPMGlobal Holdings Limited. Baker & Mckenzie acted as legal advisor to RPMGlobal Holdings Limited. Grant Thornton Australia Limited acted as accountant to RPMGlobal Holdings Limited. DLA Piper Australia Pty Ltd acted as legal advisor to SLR Consulting Australia Pty Ltd.Kpmg Australia International (Holdings) Pty Limited acted as accountant to SLR Consulting Australia Pty Ltd.
The expected completion of the transaction is April 1, 2025 to June 30, 2025. Board Change • Feb 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Angeleen Jenkins was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 03
RPMGlobal Holdings Limited to Report First Half, 2025 Results on Feb 24, 2025 RPMGlobal Holdings Limited announced that they will report first half, 2025 results on Feb 24, 2025 Board Change • Dec 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Angeleen Jenkins was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
RPMGlobal Holdings Limited Reconfirms Earnings Guidance for the Year 2025 RPMGlobal Holdings Limited reconfirmed earnings guidance for the year 2025. For the year, the company expected total revenue in the range of $120 million to $125 million. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$3.04, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 26x in the Software industry in Australia. Total returns to shareholders of 62% over the past three years. Buy Or Sell Opportunity • Sep 26
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to AU$2.92. The fair value is estimated to be AU$2.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Announcement • Sep 16
RPMGlobal Holdings Limited, Annual General Meeting, Oct 18, 2024 RPMGlobal Holdings Limited, Annual General Meeting, Oct 18, 2024. Reported Earnings • Aug 27
Full year 2024 earnings released: EPS: AU$0.038 (vs AU$0.016 in FY 2023) Full year 2024 results: EPS: AU$0.038 (up from AU$0.016 in FY 2023). Revenue: AU$104.2m (up 14% from FY 2023). Net income: AU$8.66m (up 135% from FY 2023). Profit margin: 8.3% (up from 4.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Angeleen Jenkins was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 30
RPMGlobal Holdings Limited to Report Fiscal Year 2024 Results on Aug 26, 2024 RPMGlobal Holdings Limited announced that they will report fiscal year 2024 results on Aug 26, 2024 Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$2.41, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 20x in the Software industry in Australia. Total returns to shareholders of 37% over the past three years. Buy Or Sell Opportunity • Jul 01
Now 17% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to AU$2.77. The fair value is estimated to be AU$2.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Buy Or Sell Opportunity • Jun 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to AU$2.74. The fair value is estimated to be AU$2.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Buy Or Sell Opportunity • May 30
Now 21% undervalued Over the last 90 days, the stock has risen 17% to AU$2.56. The fair value is estimated to be AU$3.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in a year. Earnings are forecast to grow by 42% in the next year. Reported Earnings • Feb 17
First half 2024 earnings released: EPS: AU$0.029 (vs AU$0.005 in 1H 2023) First half 2024 results: EPS: AU$0.029 (up from AU$0.005 in 1H 2023). Revenue: AU$48.5m (up 14% from 1H 2023). Net income: AU$6.84m (up 487% from 1H 2023). Profit margin: 14% (up from 2.8% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 16
Now 22% undervalued Over the last 90 days, the stock has risen 18% to AU$1.84. The fair value is estimated to be AU$2.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 32% in the next year. Announcement • Feb 05
RPMGlobal Holdings Limited to Report First Half, 2024 Results on Feb 15, 2024 RPMGlobal Holdings Limited announced that they will report first half, 2024 results on Feb 15, 2024 Buying Opportunity • Sep 07
Now 20% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be AU$1.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 231% in the next 2 years. Reported Earnings • Aug 30
Full year 2023 earnings released: EPS: AU$0.016 (vs AU$0.02 loss in FY 2022) Full year 2023 results: EPS: AU$0.016 (up from AU$0.02 loss in FY 2022). Revenue: AU$91.6m (up 18% from FY 2022). Net income: AU$3.69m (up AU$8.30m from FY 2022). Profit margin: 4.0% (up from net loss in FY 2022). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 25
First half 2023 earnings released: EPS: AU$0.005 (vs AU$0.006 in 1H 2022) First half 2023 results: EPS: AU$0.005 (down from AU$0.006 in 1H 2022). Revenue: AU$43.3m (up 14% from 1H 2022). Net income: AU$1.17m (down 13% from 1H 2022). Profit margin: 2.7% (down from 3.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Buying Opportunity • Feb 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be AU$1.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 25%. Buying Opportunity • Dec 20
Now 20% undervalued Over the last 90 days, the stock is up 6.6%. The fair value is estimated to be AU$2.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 25%. Buying Opportunity • Nov 19
Now 20% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be AU$2.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 25%. Buying Opportunity • Nov 09
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be AU$2.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 25%. Recent Insider Transactions • Sep 29
Independent Non-Executive Director recently bought AU$150k worth of stock On the 27th of September, Ross Walker bought around 100k shares on-market at roughly AU$1.50 per share. This transaction amounted to 9.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$300k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 06
Independent Non-Executive Director recently bought AU$150k worth of stock On the 2nd of September, Ross Walker bought around 100k shares on-market at roughly AU$1.50 per share. This transaction amounted to 10.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 30
Full year 2022 earnings released: AU$0.02 loss per share (vs AU$0.01 loss in FY 2021) Full year 2022 results: AU$0.02 loss per share (down from AU$0.01 loss in FY 2021). Revenue: AU$79.2m (up 25% from FY 2021). Net loss: AU$4.62m (loss widened 97% from FY 2021). Over the next year, revenue is forecast to grow 20%, compared to a 38% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 28% per year. Reported Earnings • Feb 23
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down AU$898.0k from profit in 1H 2021). Profit margin: (down from 2.9% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 07
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Director Ross Walker was the last independent director to join the board, commencing their role in 2007. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Full year 2021 earnings released: AU$0.01 loss per share (vs AU$0.003 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: AU$66.9m (down 7.0% from FY 2020). Net loss: AU$2.35m (loss widened 229% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Breakeven Date Change • Aug 26
Forecast to breakeven in 2022 The analyst covering RPMGlobal Holdings expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$3.50m in 2022. Earnings growth of 69% is required to achieve expected profit on schedule. Recent Insider Transactions • Mar 28
Independent Non-Executive Director recently bought AU$55k worth of stock On the 26th of March, Ross Walker bought around 42k shares on-market at roughly AU$1.32 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$3.4m more in shares than they bought in the last 12 months. Is New 90 Day High Low • Feb 24
New 90-day low: AU$1.16 The company is down 2.0% from its price of AU$1.18 on 26 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 5.0% over the same period. Reported Earnings • Feb 23
First half 2021 earnings released: EPS AU$0.004 (vs AU$0.002 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: AU$31.4m (down 14% from 1H 2020). Net income: AU$898.0k (up 99% from 1H 2020). Profit margin: 2.9% (up from 1.2% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 15
New 90-day high: AU$1.35 The company is up 17% from its price of AU$1.15 on 16 October 2020. The Australian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 28
New 90-day high: AU$1.21 The company is up 3.0% from its price of AU$1.17 on 28 August 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 12% over the same period.