In a statement to the ASX, Praemium said the acquisition of Plum would “significantly enhance” the value and effectiveness of Praemium’s overall financial planning and investment suite.

“The addition of the Plum business, with its well-established customer base, will strengthen Praemium’s presence in the UK,” Praemium said in a statement.

“The Plum software system is proven and highly valued and has seen a significant increase in customer interest over the past 12 months.

"Plum software, with its strong technical base, market expertise and extensive data channels and interfaces, when integrated with WealthCraft, will significantly increase the value and efficiency of Praemium's complete financial planning and investment suite."

Commenting on the acquisition, Praemium CEO Michael Ohanesian said it was a strategic move for the company as there was growing demand in the UK for technology solutions that address the "increasing complexity of financial services businesses".

"Plum's expertise in fund valuation, remuneration calculation and compliance monitoring and reporting in the UK market is a particularly compelling proposition when combined with WealthCraft's client-focused financial planning tools and Praemium's SMA technology," said Mr. Ohanesyan.

"By leveraging our respective sales capabilities, we also see significant potential to grow the Plum system on a stand-alone basis."

Praemium said the consideration for the transaction was £1m, plus the issue of 7.5m fully paid ordinary shares in Praemium.

"[The transaction] is expected to generate revenues of £1m per annum and accretive to earnings per share in the 2016 financial year,” the statement said.

"The charges associated with the transactions are minimal and will be spent in the financial year 2015," it said.