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BOSTON, Jan 6, 2015 - (ACN Newswire) - StatPro Group plc (AIM: SOG), the AIM listed provider of cloud-based portfolio analysis for the asset management industry, today announces that it has signed a three year contract commencing on 31 December 2014 with a large European asset manager to upgrade its existing StatPro Seven platform to the StatPro Revolution platform, encompassing both StatPro Revolution and StatPro R+ cloud-based products. The total value of the new contract is almost EUR 4 million (GBP 3.1 million) over the three years including professional services.
The customer has initially subscribed for StatPro Revolution and will add StatPro R+ on its release. The recurring element of this new contract represents a 55% conversion premium to the original contract. Total recurring revenue per annum from this client globally is now over GBP 1.0 million. This contract is a significant milestone for StatPro Revolution and StatPro R+ as the service will be used worldwide by potentially hundreds of users for day-to-day access to portfolio analysis and reporting. The client has replaced several other solutions by using the StatPro Revolution platform, making substantial savings and has already acknowledged significant increased productivity as a result.
Justin Wheatley, StatPro Group CEO commented, "This contract is significant for StatPro and we have many more clients in a similar situation where they want to enhance their productivity dramatically as well as the service they provide to their clients. This can only be achieved through the new technologies of cloud-based solutions, which provide simplification and scalability. StatPro's significant investment in these technologies gives us a very real competitive advantage in our fast growing market."
For further information, please contact:
StatPro Group plc
Justin Wheatley, Chief Executive
Andrew Fabian, Finance Director
www.statpro.com
020 8410 9876
Cenkos Securities
Stephen Keys / Dr Christopher Golden
Julian Morse (Sales)
020 7397 8900
Newgate Threadneedle
Hilary Buchanan/ Adam Lloyd/ Jasper Randall
020 7653 9850
About StatPro
StatPro is a global provider of portfolio analytics for the investment community. Our cloud-based services provide vital analysis of portfolio performance, attribution, risk and compliance. Hundreds of investment professionals use our services directly or through a fund administrator/partner to perform sophisticated analysis, reporting and distribution every day.
With over 20 years of experience and expertise, we believe analytics should be sophisticated yet simple and useful as well as secure. StatPro data coverage includes over 3.2 million securities such as global equities, global bonds, global mutual funds, most families of benchmarks, FX rates, sector classifications and much else besides.
StatPro has grown its recurring revenue from less than GBP 1 million in 1999 to around GBP 28 million at 30 June 2014. StatPro floated on the main market of the London Stock Exchange in May 2000 and transferred its listing to AIM in June 2003. The Group has operations in Europe, North America, South Africa, Asia and Australia and approximately 500 clients in 36 countries around the world. Approximately 80% of recurring revenues are generated outside the UK.
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: StatPro Inc. via Globenewswire
Topic: Press release summary
Source: StatPro Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
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