Wealth Management takes a tumble over PPML contract dispute

Wealth Management takes a tumble over PPML contract dispute

Shares in Wealth Management Software have fallen by a third after the vendor announced that it has unexpectedly received a notice to terminate both its licence and support agreements with a major client, PPML, part of the Winterthur Group, a subsidiary of Credit Suisse.

UK-based WMS says the basis for the contract suspension is "strongly disputed" and that Winterthur has "no grounds whatsoever for termination".

The firm says the fees relating to the contract, which have not yet been invoiced or remain unpaid, are being disputed.

In a brief statement, WMS comments: "In the event that these amounts are not paid the company's profits for the current year would be substantially below management expectations."

The news was enought to wipe a third off the company's value as the share price tumbled to 18.25 pence overnight.

Comments: (0)

Embracing Open Banking with Secure and Interconnected APIs
THE STATE OF DIGITAL BANKING, 2019 - Landscape: The Digital Banking Strategy Playbook

Trending Stories