StatPro Group PLC (LON:SOG), the provider of cloud-based portfolio analytics and asset pricing services, has bagged a contract with a global South African asset manager.
The contract, which runs for five years, is for a minimum value of around £1.5mln (ZAR 26.6mln).
The client will continue to use StatPro Seven, the Aim-listed company’s legacy product, before migrating to the cloud-based StatPro Revolution.
The asset manager will start a proof of concept with the StatPro Revolution Performance module this year with a view to deploying the full StatPro Revolution suite in 2018.
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"The process of converting our clients from our older technology for performance and risk, StatPro Seven, to the cutting-edge cloud technology of StatPro Revolution is accelerating,” declared Justin Wheatley, StatPro’s chief executive officer.
"This client's commitment to a long-term relationship, with their requirement to use our innovative cloud solution for performance and risk analytics, is a good example of how we are expanding our client contracts as they switch to StatPro Revolution Performance.
“Our current focus to migrate performance and risk clients to StatPro Revolution is expected to be largely completed over the next two years," he added.
"This contract provides further evidence of existing clients’ willingness to retain and extend their relationships with StatPro as they migrate from their existing StatPro Seven solution to the Revolution platform," said Progressive Research.
"The announcement also suggests that the contract size is expanding from its previous level. This contract adds further support to our estimates for 2017 although we leave our numbers unchanged ahead of StatPro’s usual full year trading update, which we expect to see towards the end of January," the research house added.