Powerwrap

About Powerwrap

Powerwrap Limited operated as a technology and administration service provider in the Australian financial investment market, founded in 2008. The company developed a specialized platform for financial advisers, wealth managers, and brokers to manage and administer the investment portfolios of their clients, with a particular focus on high-net-worth (HNW) individuals. The platform offered a comprehensive suite of services, including access to a wide range of investments such as managed funds, separately managed accounts, and both Australian and international equities. It also provided essential tools for reporting, analysis, compliance, and tax reporting.

The business generated revenue through fees for administration, investment management, and reporting services. Its primary offerings included the Powerwrap Investment Account and accounts for superannuation and pensions. Before its acquisition, Powerwrap undertook a significant digital transformation to unify its customer experience, which had been fragmented across various third-party systems. This involved migrating to a cloud-based client portal, enhancing user experience and giving the company ownership of its technology infrastructure.

In July 2020, Praemium Limited, a global provider of platform technology, initiated a takeover offer for Powerwrap, which was unanimously recommended by Powerwrap's board. The acquisition was completed in the following months, with Powerwrap being delisted from the Australian Securities Exchange (ASX) on October 6, 2020, and becoming a subsidiary of Praemium. The merger created one of Australia's largest independent specialist platform providers, combining Praemium's technology with Powerwrap's execution capabilities to serve a more diversified customer base, especially within the HNW segment. Following the acquisition, Powerwrap's CEO, Will Davidson, and the non-executive directors stepped down.