Praemium is a provider of technology platforms for managed accounts, investment administration and financial planning. It has offices in Australia, the UK, UAE, Armenia, China and Hong Kong, and launched its UK platform in 2006.
Following a review of operations, the board of Praemium (ASX:PPS)
has recommended divestment of the company's international operations. Praemium has received interest from potential buyers, and Deloitte Corporate Finance has been appointed to manage the sale process.
In its FY2021 half-year results for its international business, Praemium reported a 41 per cent reduction in losses, a 24 per cent increase in funds under administration, and an increase of 20 per cent in platform revenue. However, the company notes: "[I]n a marketplace undergoing significant structural change and consolidation, the Business remains at a scale disadvantage to its key competitors."
Shares in Praemium closed 1.6 per cent higher at $0.97 yesterday.