Financial services software company, Iress has completed the sale of its Platform business to ASX-listed platform technology provider Praemium.
A statement from Iress says that as announced in February 2024, Praemium agreed to purchase the Platform business for an initial $1m in cash consideration.
It says further payments of up to an additional $20m over an 18 month-period will be made as milestones are met.
“As a result of the transaction, there is also a release of approximately $7m in regulatory capital and other cash assets to Iress by way of a customary completion adjustment.”
Iress says it originally acquired the Platform business from OneVue, along with its Managed Fund Administration and superannuation administration business. The MFA business was sold to SS&C in August 2023 and the superannuation administration business has been retained.
Iress notes it has also announced the sale of its UK Mortgages business to Bain Capital for £85m (A$164m). The completion of this transaction is expected in the middle of the year.
The company says proceeds of all asset sales will be used to retire debt.
