Praemium's tech team now down to 40 people

Praemium, an Australian company specialising in technology platforms for managed accounts, investment administration and financial planning, has announced a staged transition phase to a new core technology platform, with customer launch planned for later this year.

The company has been building a new platform following the acquisition of Technotia Laboratories -  a specialist in advanced technology and computing machinery and intelligence- earlier this year.

The aim is to to embed elite scientific capability into Praemium’s technology function and use it to accelerate innovation, enhance automation and unlock data-driven insights for clients

This new platform will underpin Praemium’s next generation of wealth management capability, with work "well progressed" to begin transitioning to the new platform in a staged approach that's planned to occur over the balance of 2026.

As part of a restructure announced in February which consolidated duplicate roles, closed Praemium’s longstanding offshore development operations and delivered net forecast annualised technology salary savings of approximately $9 million, the company said its technology team now comprises approximately 40 people.

This number, down from more than 140 previously, comprises about half originally from Praemium and half from Technotia. 

Coinciding with the progress achieved, Praemium has agreed on a transition for two of Technotia’s founding principals - including Professor James Murray-Parkes - into part-time consulting roles. The company said it has also agreed to revise the incentive arrangements previously agreed on the acquisition of Technotia for those two principals.

“We set out to bring elite scientific capability into Praemium and use it to transform what we can offer advisers and their clients," Anthony Wamsteker, CEO of Praemium, said.

"The new core technology platform is well progressed and the new, combined Technotia team of scientists, technologists, wealth management professionals and user design specialists has become an integral part of Praemium. We look forward with real confidence to realising the full commercial potential of what has been created.

"We are grateful to Professor James Murray-Parkes and all the outstanding professionals working with Technotia.”