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StatPro shifts big insurance company over to its flagship product

The scale and flexibility of StatPro Revolution's fixed income attribution model was a key factor in the decision process

StatPro Revolution
StatPro Revolution was selected following a competitive tender and StatPro's release of its new fixed income attribution and risk module.

Another customer of StatPro Group PLC (LON:SOG) has upgraded from the company’s legacy StatPro Seven software to the cloud-based StatPro Revolution, helping send the firm's shares higher on Monday.

The portfolio analytics software developer said a large insurance company had signed a three-year contract worth a minimum of £1.5mln to adopt StatPro Revolution.

READ StatPro surges as it partners with JP Morgan to develop analytics solution

The contract win will lead to a 77% increase in annual subscription, StatPro said. The group still has about £5mln of legacy StatPro Seven annual software subscriptions to convert and is on course to convert most of the remaining StatPro Seven legacy software clients to its flagship service over the next two years.

Justin Wheatley, the group’s chief executive officer, said the contract win was particularly notable.

"The capabilities of our new fixed income attribution and risk module on Revolution were critical when the client reviewed its options. This is another important step in the process to convert our clients from Seven to Revolution which in turn brings improved revenues and also operational simplification and IT savings," he said.

In a separate statement, published later on Monday, StatPro also announced that it has completed the acquisition of the environmental, social and governance (ESG) research and index business unit from ECPI Group Srl. as announced on 12 June 2019.

As a result, the group said the initial cash consideration of €0.9mln (£0.8 mln) was paid from existing debt facilities.

In afternoon trading, shares in StatPro were 4.1% higher at 139.50p.

 -- Adds acquisition completion news, share price --

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