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Praemium plugs into equity market

  •  
By Madeleine Collins
  •  
2 minute read

Praemium has launched a stock market data feed.

Technology provider Praemium has bought a stock market data system for $5 million to boost sales of its V-wrap software.

Praemium Desktop, also known as p-Desktop, is a web-based market data service aimed at stockbrokers and financial planners.

It is designed to integrate with Praemium's V-wrap portfolio administration service and separately-managed account (SMA) technology.

It offers live streaming, real-time data or 20-minute delayed options into the market with portfolio valuation and capital gains tax calculations.

Clients will have the right to distribute the product with their own branding.

"By distributing Praemium Desktop widely and at little or no cost, we plan to put V-Wrap and its functionality in front of a much wider audience over the coming months and years," Praemium managing director Arthur Naoumidis said. 

The product was created by Melbourne-based software consultant Hung Do, who has been brought on as an employee of Praemium.

In the 1990s Ho worked for financial markets software provider Bridge DFS Limited, which later became Iress.

Iress produces a similar service through its Xplan financial planning software.

Stockbroking groups Taylor Collison, Burrells and Montague have signed up to buy Praemium's new product.

The company is also eyeing a number of dealer groups that already use its SMA technology, including Professional Investment Services, Count Financial Limited and Australian Financial Services.

"It's generating a lot of excitement in our client base," Naoumidis said.

Praemium plans to raise $10.5 million from institutional and direct investors with around half going to fund Praemium Desktop.

The other half will fund the minimum capital reserve required to give Praemium approval to roll out its SMA technology in the United Kingdom.