StatPro Group plc, (AIM: SOG), the AIM listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, has secured a conversion from its legacy StatPro Seven software to its cloud-based StatPro Revolution service with a large insurance company. This has resulted in a three-year contract with a minimum value of £1.5 million. This represents a 77% increase in annual subscription.
StatPro Revolution was selected following a competitive tender and StatPro’s release of its new fixed income attribution and risk module. The scale and flexibility of Revolution’s fixed income attribution model was key in the decision process, with the contract also including performance and equity attribution and composites.
Following this conversion, the Group has approximately £5 million of legacy StatPro Seven annual software subscriptions to convert.
StatPro is on course to complete the full conversion of most of the remaining clients using StatPro Seven legacy software over the next two years. As the process of conversion comes to a close, the Group will continue to realise significant operational savings in IT costs as well as simplify operational complexity.
Justin Wheatley, Group CEO, commented: “This contract win is 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.”