1st Jul 2019 12:47
(Alliance News) - StatPro Group PLC said Monday it sealed a conversion of an unnamed "large" insurance firm to its new cloud-based StatPro Revolution service, with a significant jump in annualised revenue.
StatPro explained the unnamed client had converted from its legacy StatPro Seven software to the cloud-based StatPro Revolution service. The three-year contract has a minimum value of GBP1.5 million, equivalent to a 77% increases in annual subscription over the old deal.
In 2018, StatPro - which provides portfolio analytics for the asset management industry - generated GBP988,000 in pretax loss on revenue of GBP54.8 million.
Following this conversion, StatPro still has around GBP5 million of legacy StatPro Seven annual software subscriptions to convert. The firm is currently on track to complete the conversion of these remaining Seven software users over the next two years.
The conversion process will continue to provide "significant" operational savings through IT cost reductions and simplification.
"This contract win is particularly notable," StatPro Chief Executive Officer Justin Wheatley said. "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", Wheatley added.
Shares in StatPro were 4.5% higher at 140.00 pence in London on Monday.
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