Morningstar to Acquire Wealth Management Platform Provider Praemium's UK and International Business.
MANews-(C)2009-2021
US-based investment research provider Morningstar (NASDAQ: MORN) and Australia-based wealth advisor technology platforms provider Praemium Ltd. (ASX: PPS) have reached an agreement for Morningstar to acquire 100% of Praemium's operations in the United Kingdom, Jersey, Hong Kong, and Dubai, the companies said.
The consideration for the transaction will comprise cash of GBP 35m (USD 47.01m), subject to completion adjustments.
Across its UK and international business, Praemium offers proprietary, friction-free SaaS-based technology and services that allow fee-based advisers to outsource key elements of the advice workflow.
Its platform is used by nearly 500 independent financial advisers and provides access to investment lineups to serve end clients.
The end-to-end solution from Praemium will add to Morningstar's existing data, fund profiles, portfolio analytics, and investment management capabilities available to advisers, creating a complete experience designed to empower investor success at scale.
Praemium and Morningstar will work together to ensure a smooth transition for customers and employees.
Melbourne-based Praemium previously announced its plans to focus its financial and leadership resources on its domestic growth trajectory in the Australian platform market and to sell its international business to a growth buyer.
The transaction unlocks capital and is a strong endorsement of the quality of Praemium's platform and technology.
The acquisition comes at a time when...
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