StatPro Group PLC (LON:SOG) has secured a five-year contract with a large South African financial institution for its Infovest service, worth roughly £1.0mln.
The provider of cloud-based portfolio analytics and asset pricing services said the customer is an existing client of the group, with this being the first Infovest product it has purchased.
READ: StatPro Group acquires remaining stake in South African firm Infovest Consulting
The South African financial institution will use Infostore to provide a consolidated view of all its positions in the market on a daily basis. In addition, the solution will enable business intelligence and analytics.
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"This contract win is confirmation of the excellent quality of our Infovest data management solution. Infovest's vast experience in providing data management solutions in the financial sector, along with its strong focus on data governance and excellent implementation track record, were significant factors in the awarding of the contract,” said Justin Wheatley, the chief executive officer of StatPro.
"We see data management and governance as significant growth drivers for StatPro as most asset managers and financial institutions need a cost-effective and efficient way to manage ever-increasing volumes of data," he added.
StatPro’s shares were up a penny at 122.5p in early trades.