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Praemium Limited (ASX:PPS)

ALERT: Price-sensitive ASX Announcement for PPS
Current share price for PPS : $0.675 -0.06 (-8.16%)+
Announcement
Release
10 Jun 2026 9:36AM
Price at Release
$0.735
Full Release
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Summary
Praemium Limited has announced a significant technology update, including the transition to a new core technology platform, following the acquisition of Technotia Laboratories. This transition is set to progress throughout 2026 and aims to enhance innovation, automation, and data-driven insights in wealth management. The restructuring has resulted in a reduction of the technology team from over 140 to about 40 people, generating expected annual savings of $9 million by FY27. Additionally, two of Technotia’s founding principals are transitioning to part-time consulting roles with revised incentive arrangements. These updates are seen as a strategic move to integrate elite scientific capabilities and transform client services in the wealth management sector.
Key Points
  • Praemium Limited's transition to a new core technology platform.
  • Acquisition of Technotia Laboratories to boost innovation.
  • Technology team reduced to approximately 40 people.
  • Expected technology salary savings of $9 million by FY27.
  • Transition of Technotia’s founding principals to consulting roles.
  • Revised incentive arrangements for key personnel.
  • Focus on enhancing automation and data-driven insights.
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.