The move comes just a few months after Praemium opened a new office in the Scottish Centre of Fintech Excellence in Edinburgh as part of international expansion plans.

In a statement Praemium said: “Praemium Limited has finalised the strategic review of its international operations which recommended divestment of the business through a formal sale process. The Praemium board has met and supports this recommendation.

“The proposed divestment will allow Praemium to focus its financial and leadership resources on further accelerating its growth trajectory in the Australian platform market to benefit all shareholders. Accordingly, Deloitte Corporate Finance has been appointed to manage the sale process.”

Praemium, one of the smaller UK adviser platforms, says it has received “unsolicited” approaches for its international business and believes the operations will grow faster under a new owner.

Globally Praemium serves 1,000 financial institutions and 500,000 investors.

The company says the review highlighted its technology, strong sales and revenue momentum. However, the company said the platform marketplace is undergoing “significant structural change and consolidation” and the international business remains at a “scale disadvantage” to its key competitors. 

It is not yet know who any potential bidders are and Praemium says it is not certain the sale process will result in divestment.

In April, Praemium opened its new in George Street, Edinburgh with plans to employ 20 staff. The Edinburgh hub adds to existing hubs in London and Birmingham. The platform said it expected further growth in Edinburgh.

Fintech consultant Ian McKenna, founder of the Financial Technology Research Centre, said: “The announcement overnight in Australia that Praemium are to divest their international businesses should attract significant attention from potential UK purchases, especially in the platform and asset management space.

“Advice tech businesses are already very much in vogue with private equity firms and over the last decade most of the independent practice management systems have been acquired by platforms or asset managers. This includes Abrdn’s purchase of Focus Solutions in 2010, Invesco‘s purchase of Intelliflo, Schroder acquiring Enable via the purchase of Benchmark Capital, and Transact parents Integrafin buying Time4Advice at the start of this year.

“It is rare for an independent practice management system to become available, especially one that has recently had a major technology upgrade. There are many reasons why this could be a very attractive purchase for several organisations.”