Praemium acquires OneVue from Iress
Platform provider Praemium has acquired the OneVue platform business from Iress.
Praemium announced the acquisition to the Australian Securities Exchange today saying it had entered into a conditional agreement to acquire 100% of the OneVue Platform business.
It said the acquisition would expand Praemium’s funds under advice by an estimated $4 billion, accelerating its growth plans and leveraging the scale of its investment platform technology and resource base.
“Additionally it will expand Praemium’s client base, increase market share and strengthen its position in the Australian platform market,” the announcement said.
The transaction is comprised of $1 million upfront and an earn-out amount of up to an additional $20 million based on growth in Funds Under Administration measured over an 18-month post-completion period.
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