StatPro scores second successive Revolution Delta contract for £2.35m

StatPro’s shares climbed on Tuesday after it secured a three-year contract extension worth a minimum of £2.35m with a large UK investment manager for its Revolution Delta service.

The contract is the portfolio analytics and asset prices services supplier’s second win for the Revolution Delta service within the last month, having won a three-year contract with a large European insurance group in December worth £1.1m.

Justin Wheatley, group chief executive, said: "The investment manager uses Revolution Delta to manage multi-asset risk and fixed income investments. The precision of the fixed income pricing as well as the broad functionality of the service make Revolution Delta the ideal solution for their front office."

StatPro said that, following the acquisition of Delta in May 2017, it initially planned to enhance Revolution to reach functional parity with Delta within three to five years but it will now continue using Delta within the Revolution platform to ensure no disruption to the existing service.

The AIM traded company is therefore continuing to market Revolution Delta actively.

"This significant contract extension underlines the quality of the Revolution Delta product for customers operating in the fixed income markets and is a confirmation of our capability to provide Revolution Delta clients continuity of service from within our Revolution platform," said Wheatley.

StatPro’s shares were up 5.38% at 117.50p at 1034 GMT.