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.
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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.