Australian portfolio administration provider, Praemium Limited (ASX:PPS), and leading technology supplier to the stockbroking industry, GBST Holdings Limited (ASX:GBT), today signed an agreement to integrate their applications to allow for automatic updating of daily transactions and client positions with extensive savings in time and efficiency for their clients.
Many current clients of Praemium’s clients already utilise GBST’s range of front and back office products and solutions to process a range of transactions every day.
When the integration interface is completed, users of Praemium’s proprietary online portfolio administration service (which is in the process of being rebranded as ‘V-Wrap’) who are also licensed users of any GBST product will be able to transmit data directly to its V-Wrap portfolio.
It is expected that there will be extensive savings to clients of both companies, in terms of time and efficiency. In addition, both GBST and Praemium believe that the collaboration will lead to further expanding mutual opportunities to develop market share.
Praemium’s Group Managing Director, Mr Arthur Naoumidis, said:
“We’re very pleased to have reached this agreement with GBST. From the outset, our goal was to develop the pre-eminent portfolio administration tool available and believe this has been achieved in V-Wrap – but we won’t ever rest on our laurels. We know our clients need more to run their business than just the best portfolio system – so they need our service to seamlessly integrate with the other systems they have in place to do their business. Integration with GBST – which is the pre-eminent supplier of back office systems to the stockbroking industry in Australia – will help us achieve this and assist in consolidating our position as the portfolio administration service of choice in Australia.”
GBST Chief Executive Officer and Managing Director, Stephen Lake said “GBST has a strategic desire to provide integrated solutions in keeping with the needs of our client base and continues to focus investment in this area. One key to such integration is engaging in structured partnerships with other companies who have been identified by our clients as capable of providing synergistic technologies. This enables our clients to focus on their core business of providing superior service and products to their customers. We have no doubt that this partnership with Praemium will increase the usefulness of information as it flows through a broker’s business and will add significant value to the already market-leading capability of the GBST product suite.”