Iress has agreed to sell its platform business, OneVue, to ASX-listed platform technology provider Praemium.  

Plans to divest from OneVue were announced by Iress last year.

The transaction has a $1 million cash consideration upon completion and additional payments of up to $20 million over 18 months if milestones are met. 

It is also expected to release $7 million in regulatory capital and other cash assets to Iress by way of customary completion adjustment.

The completion is expected prior to 30 April, and is subject to approximately 75 per cent ($3 billion) of funds under administration being maintained up to completion, and key business banking arrangements being entered into by Praemium.

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