Iress has agreed to sell the platform business it acquired from OneVue to ASX-listed platform technology provider Praemium.

Last year, Iress announced plans to divest the platform and managed fund administration (MFA) business it acquired from OneVue. The MFA business was sold to SS&C last October.

In announcements to the ASX on Monday morning from both parties, it stated the transaction has a $1 million cash consideration upon completion and additional payments of up to $20 million over 18 months if milestones are met. 

It is also expected to release $7 million in regulatory capital and other cash assets to Iress by way of customary completion adjustment. 

The completion is expected prior to 30 April, and is subject to approximately 75 per cent ($3 billion) of funds under administration being maintained up to completion, and key business banking arrangements being entered into by Praemium.