StatPro wins £1.45m contract for flagship software product

StatPro Group on Thursday secured a five-year contract with a UK investment manager with a minimum contract value of £1.45m and a significant uplift in annual value.

Under the terms of the newly signed contract, the AIM traded company will assist the investment manager in converting from StatPro Seven, which it currently uses for all client reporting processes, to StatPro Revolution.

Justin Wheatley, chief executive of StatPro, said: "The reporting requirements carried out by asset managers have become increasingly onerous as regulations have increased, asset types become more complex and clients more demanding."

Wheatley added that investment managers are responding to this challenge by implementing digital strategies, calling the company’s flagship product, StatPro Revolution, “an ideal solution” to deal with increasingly complex requirements.

The company’s website states that the integrated, cloud-based performance and risk platform is designed to increase productivity and lower costs by allowing users to access portfolio performance measurement, attribution, contribution, allocation, risk, and compliance analytics through a single browser window.

"This contract win and extension is very satisfying as it illustrates that StatPro Revolution has come of age and is now widely regarded as the leading performance and risk technology platform," said Wheatley.

StatPro’s shares were up 2.45% at 125.50p at 1537 GMT.