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Praemium acquires Plum Software for £1m

Praemium has acquired software provider Plum Software for a cash consideration of £1m.

Praemium, a provider of investment platforms and portfolio administration, says the acquisition will strengthen its UK presence.

Plum Software provides front and back office software to financial advice firms.

Praemium says consideration for the transaction is £1m in cash plus the issue of 7.5 million fully paid ordinary shares in Praemium.

It says all Plum Software staff will be retained following the deal.

Praemium chief executive Michael Ohanessian says: “Plum’s expertise in fund valuation, remuneration computation and compliance monitoring and reporting is an especially compelling proposition when combined with our financial planning tools and separately managed account technology.”

Plum managing Director Ann Dempster says: “By working together with Praemium we will be able to enhance and expand the Plum system for all of our existing and new clients.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Speaking from personal experience and especially from a compliance stand point this is not compelling at all. Praemium should have spent much more a invested in a decent web based system. Plum is archaic so maybe they buying the client list to migrate onto another back office.

  2. Incompetent Regulators 4th March 2015 at 5:16 pm

    I had Plum once, thank god I got rid of it. Rubbish software with aggressive MD!

  3. Roland Rawicz-Szczerbo 5th March 2015 at 4:10 pm

    Congratulations Ann and good luck with Praemium.

    Roland

  4. Well done Ann, probably a good deal for the Plum staff & management, their users and Praemium. Brings more resource to develop the software and a good opportunity for Praemium to offer services to Plum customers.

  5. Ian’s comment has a superfluous ‘S’ in the word ‘services’. Amazing that Plum still in business with the incumbent MD and even more amazing that someone should want to buy it let alone use the software – just goes to show that there’s a very low bar in ‘Fintech’.

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