Praemium acquires 20% of Powerwrap

Praemium acquires 20% of Powerwrap

Financial software and services company Praemium (ASX:PPS) has revealed that its wholly-owned subsidiary, Praemium Australia, has been issued with an equity stake of just under 20% of Powerwrap Limited.

The stake was issued in lieu of payments owned by Powerwrap. As part of the arrangement, Praemium is now entitled to appoint a director to the Powerwrap board.

Praemium said it planned to equity account for its subsidiary's interest in Powerwrap, and that it does not expect the transaction to have a material impact on FY11 results.

Praemium and Powerwrap have a long-standing commercial relationship.

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Tags Mergers and acquisitionsPraemiumASX:PPSPowerwrap

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