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StatPro bags contracts extension with Canadian wealth manager

Published: 09:24 03 Apr 2017 BST

Dollar trading
Around 74% of the group's software revenue is SaaS

Cloud-based portfolio analytics services provider StatPro Group PLC (LON:SOG) has bagged a three-year contract extension worth C$6.0mln (£3.6mln).

The contract extension is with a large Canadian wealth business for StatPro’s software-as-a-service (SaaS) version of its StatPro Seven legacy product, and includes an uplift in contract value over the three-year period of C$1.2mln (£0.7mln).

StatPro Seven still selling in its “sunset” phase

Although the focus of StatPro is now on its cloud-based StatPro Revolution certain modules of StatPro Seven are not yet scheduled for conversion and are still being actively marketed as SaaS products.

StatPro told investors that just under of its three-quarters of its software revenue is SaaS-based, including StatPro’s hosted and cloud-based solutions.

"This is a strong endorsement of our SaaS version of StatPro Seven and a testament to this product's resilience. As clients look to consolidate suppliers, they want to work with companies that can offer not only a broad range of capabilities, but also the highest levels of service and efficiency,” said Justin Wheatley, chief executive officer of StatPro.

"Our strategic objective is to ensure that our clients can get the most complete solution possible from StatPro across all their processes. By providing StatPro Seven as SaaS, we fulfil this aim," he added.

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