Praemium (ASX:PPS) issued an earn-out statement to Iress (ASX:IRE) on Wednesday advising that no earn-out is owed under the terms of its acquisition of the OneVue platform business from the firm, according to a same-day filing with the Australian bourse.
The statement is in relation to the first earn-out period, based on the funds under administration from OneVue clients on the platform as of Jan. 15.
The second earn-out will be based on funds under administration from the clients on the platform as of Oct. 15.
The lack of an earn-out was attributed by the firm to the estimated funds under administration on the OneVue platform in the period being less than the AU$3 billion threshold due to a termination agreed with a OneVue client as well as outflows from existing clients from the platform since the date of acquisition.
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