Iress sells platforms business

FinancialStandard

Iress has offloaded its platform business with $4 billion in funds under advice (FUA) to another ASX-listed firm. Praemium will soon be the new owner of Iress’s OneVue Platform Business (IOPB), agreeing to pay $1 million in cash and an additional $20 million over 18 months if certain milestones are met. IOPB offers financial products and services that include superannuation, non-superannuation, and custody and administration.

Last October, Iress sold its managed funds administration (MFA) business to SS&C for $52 million. Iress took over OneVue, which provided administration platforms for managed funds, superannuation, and investments, in late 2020 for $115 million. OneVue had two core divisions: funds and platform services. “Throughout the review process we have been impressed by the quality of the IOPB people and client base. The ability to transition IOPB’s clients to our existing platform technology will generate superior client outcomes, material synergies and boost eps accretion for our shareholders,” Praemium chief executive Anthony Wamsteker said.

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