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Praemium Limited (ASX:PPS)

ALERT: Price-sensitive ASX Announcement for PPS
Current share price for PPS : $0.660 -0.01 (-1.49%)+
Announcement
Release
16 Feb 2026 4:36PM
Price at Release
$0.670
Full Release
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Summary
Praemium Limited announced a major organisational restructure targeting its technology division, precipitated by the acquisition of Technotia Group Pty Ltd. The restructure aims to eliminate duplicate roles in IT development, maintenance, and infrastructure, leading to a 15% reduction in the Australian workforce and the closure of operations in Armenia by the end of the 2026 financial year. This effort, alongside a reduction in direct staff salaries, seeks to enhance the company's technology performance and functionality, albeit offset by redundancy costs. The integration of Technotia Laboratories' capabilities is expected to foster Praemium's technological advancement.
Key Points
  • Praemium Limited is undertaking a significant organisational restructure focusing on the technology division.
  • The restructure follows the acquisition of Technotia Group Pty Ltd (Technotia Laboratories) in January 2026.
  • The focus is on reducing duplicate IT development, maintenance, and infrastructure roles.
  • The restructuring will result in a 15% reduction in Australian full-time employees and closure of operations in Armenia by the end of the 2026 financial year.
  • The company plans to reduce direct staff salaries by around $9 million in Australia and $3.5 million in Armenia.
  • Redundancy costs are expected to be around $3.3 million in the 2026 financial year.
  • The restructuring aims to enhance technology performance and functionality with newly acquired capabilities from Technotia Laboratories.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.