Praemium completed the acquisition of a 94% stake in Powerwrap for $56m.

Praemium, a technology platforms provider, completed the acquisition of a 94% stake in Powerwrap, a wealth management platform, for $56m. "Powerwrap's board believes the offer presents an excellent opportunity for Powerwrap shareholders to participate in the upside of a merged group that stands to benefit from significant potential synergies. With Powerwrap's strong customer base and Praemium's track record of profitability and cutting-edge technology, the benefits to Powerwrap shareholders are clear to the board," Anthony Wamsteker, Powerwrap Chairman.