StatPro Group (LON:SOG) has contracted a major custodian bank to integrate the bank's client data with its newly launched portfolio analysis software - StatPro Revolution.
The software as a service (SaaS) platform was initially launched, though a public Beta testing phase, earlier this year.
"Contracting with a major Custodian Bank for use of StatPro Revolution is a significant milestone for us, endorsing our investment and validating the market potential,” Statpro chief executive Justin Wheatley said.
The bank will offer all its clients easy access to StatPro Revolution.
“Our client will be able to use our technology to provide its clients with a far superior analytics service to its competitors using our proprietary SaaS technology.”
According to StatPro it can provide the bank with a competitive advantage due the speed in which it can install and integrate the Revolution platform.
It is expected that StatPro Revolution will be available to all the bank's clients from the New Year.
The initial StatPro Revolution was launched as a public beta version in July 2010, and today the phase two beta was launched.
Wheatley highlighted that the new version has significant functional enhancements.
StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM.
The company sells a SaaS-based (Software as a Service) analytics and data platform on a rental basis to investment management companies allowing them to analyse portfolio performance, attribution, risk and GIPS compliance.
The group has operations in Europe, North America, South Africa and Australia, with approximately 75 percent of recurring revenues being generated outside the UK.