Iress divests OneVue platform business

iress OneVue praemium platforms

26 February 2024
| By Laura Dew |
image
image
expand image

Iress has announced it is to sell its OneVue platform business to platform technology company Praemium. 

This was acquired by Iress as part of its acquisition of OneVue in November 2020.

The acquisition will boost Praemium’s funds under administration by $4 billion, expand its client base, increase market share and strengthen its position in the Australian market.

The consideration for the transaction will comprise up-front cash of $1 million, funded from Praemium cash reserves; and an earnout of up to an additional $20 million based on growth in FUA measured over an 18-month period post completion.

The sale is expected to complete in April 2024 with an 18-month integration process. Iress will continue to provide certain transitional services to the platform business for an expected 18 months. 

Praemium chief executive, Anthony Wamsteker, said: “This is an important milestone for Praemium and the beginning of an exciting new chapter in Praemium’s growth story.

“Praemium and Iress OneVue platform business have a mutual objective to help advisers and wealth managers deliver great outcomes through technology-led solutions and an aligned client base and service model, making it a natural fit.

“This is a highly strategic acquisition which adds greater scale and significantly enhances our ability to improve operating margins, capture market opportunities and address evolving client demands.”

Iress group chief executive, Marcus Price, added: “This transaction represents another milestone in our progress towards a simpler, more focused Iress. As part of our refreshed strategy, we are committed to streamlining operations, reducing costs and managing our portfolio of non-core assets for the release of capital to reduce debt.

“[Praemium] is a natural home for the clients and employees of the Iress platform business, and we are delighted to have reached an agreement which is in the best interest of all parties.”
 

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

 
sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

 

MARKET INSIGHTS

PETER JOHNSTON- AIOFP

Well done Keith and Neil, these Canberra Bureaucrats need to be stopped. ...

4 days 11 hours ago
JOHN GILLIES

WHEN I RETIRED A LOT OF GUY'S WERE STILL PRACTICING FORMS OF COLD CALLING. There nothing wrong with it as a way of estab...

5 days 11 hours ago
JOHN GILLIES

I thought you joined a dealer to be protected and have a better version of regulation explained, BUT The dealers themsel...

5 days 11 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

1 week 5 days ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

3 weeks 6 days ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

5 days 18 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND