Praemium Ltd (ASX:PPS) shares climb on news of million dollar client

Praemium Ltd (ASX: PPS), the leading provider of investment administration technology platforms, has announced a contract extension for one of its major clients.

According to the announcement, JBWere has extended its agreement for Praemium to provide reporting solutions to its wealth management client portfolios for a further two years. Praemium shares were up 2% yesterday following the announcement.

The contract has an annual value over $1 million. This is significant given Praemium’s FY 2017 revenue was $34 million.

Praemium had funds under administration of $7.8 billion as at the end of the March quarter.

Over the last couple of years, Praemium has been a top performing business, along with other fintech high flyers Bravura Solutions Ltd (ASX: BVS) and Hub24 Ltd (ASX: HUB).

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Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.

You can follow Kevin on Twitter @KevinGandiya.

The Motley Fool Australia owns shares of Bravura Solutions Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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