{"id":70930,"date":"2024-04-15T13:41:00","date_gmt":"2024-04-15T03:41:00","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=70930"},"modified":"2024-04-15T13:41:00","modified_gmt":"2024-04-15T03:41:00","slug":"iress-completes-sale-of-platform-business","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/04\/15\/iress-completes-sale-of-platform-business\/","title":{"rendered":"Iress Completes Sale of Platform Business"},"content":{"rendered":"<p>Financial services software company, <a href=\"https:\/\/www.iress.com\/\" target=\"_blank\" rel=\"noopener\">Iress<\/a> has completed the sale of its Platform business to ASX-listed platform technology provider <a href=\"https:\/\/www.praemium.com\/\" target=\"_blank\" rel=\"noopener\">Praemium<\/a>.<\/p>\n<p>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.<\/p>\n<p>It says further payments of up to an additional $20m over an 18 month-period will be made as milestones are met.<\/p>\n<p>\u201cAs 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.\u201d<\/p>\n<p>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&amp;C in August 2023 and the superannuation administration business has been retained.<\/p>\n<p>Iress notes it has also announced the sale of its UK Mortgages business to Bain Capital for \u00a385m (A$164m). The completion of this transaction is expected in the middle of the year.<\/p>\n<p>The company says proceeds of all asset sales will be used to retire debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":70932,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5],"tags":[],"class_list":["post-70930","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-services"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/70930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=70930"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/70930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/70932"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=70930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=70930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=70930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}