StatPro Group PLC (LON:SOG) shares rose on Monday after the firm revealed that a top 10 global fund administrator is to migrate from StatPro Seven to the cloud-based StatPro Revolution.
The conversion and extension contract is worth at least US$500,000 a year, StatPro said in a statement.
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"As asset managers increasingly look to outsource their routine processes due to regulation and cost pressures, they will increasingly gravitate towards those fund administrators that have invested in the best technology and unmatched service,” said Justin Wheatley, the chief executive officer of StatPro.
“Our strategy is to address the needs of the global fund administration industry to provide best in class cloud-based portfolio analytics technology to their asset management clients," he added.
In early afternoon trading, StatPro shares were up 1.4% at 180p.
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