Iress has completed the sale of the OneVue platform business to ASX-listed Praemium.
The deal consists of an initial $1 million in cash consideration and further payments of up to an additional $20 million over an 18-month period.
There is also a release of approximately $7 million in regulatory capital and other cash assets to Iress by way of a customary completion adjustment.
Iress originally acquired the platform business from OneVue, along with their managed fund administration and superannuation administration business.
The proceeds will be used to retire debt.