ASX-listed Iress have today completed the sale of its Platform business to fellow ASX-listed platform technology provider Praemium Limited.
As announced on 26 February 2024, Praemium agreed to purchase the Platform business for an initial $1 million in cash consideration. Further payments of up to an additional $20 million 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 $7 million in regulatory capital and other cash assets to Iress by way of a customary completion adjustment.
Iress originally acquired the Platform business from OneVue, along with their Managed Fund Administration (MFA) and superannuation administration business. The MFA business was sold to SS&C Technologies in August 2023 and the superannuation administration business has been retained.
Iress have also announced the sale of its UK Mortgages business to Bain Capital for £85 million ($A164 million). The completion of this transaction is expected in the middle of the year.
The proceeds of all asset sales will be used to retire debt.
