Praemium (ASX:PPS) is set to transition into a new core technology platform over the remainder of the year to accelerate innovation and boost its wealth management capabilities, according to a Wednesday filing with the Australian bourse.

The move follows the company's acquisition of Technotia Laboratories in January.

Meanwhile, a restructuring disclosed in February has now left Praemium's technology team with about 40 people, down from more than 140 previously, with roughly half of them originally from Praemium and half from Technotia.

Praemium has agreed on a transition for two of Technotia's founding principals into part-time consulting roles. Under a revised incentive structure linked to the transition, Praemium has agreed to make an initial cash payment of AU$2.5 million to be paid immediately, and additional conditional cash payments totaling up to AU$7.5 million.

The revised arrangements do not increase the overall potential incentive entitlement for the two principals, the company said.

Shares of Praemium fell 4% in recent Wednesday trade.