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.”