15th Jan 2019 09:40
LONDON (Alliance News) - StatPro Group PLC on Tuesday said it has secured a contract with an undisclosed US asset management service provider for one of its clients to use StatPro Revolution.
StatPro Revolution is a cloud-based portfolio analysis software.
The stock was trading 8.9% higher on Tuesday morning at 135.00 pence each.
The AIM-listed pricing services provider said a minimum contract value is USD1.5 million over the three-year period. In 2017, StatPro reported pretax loss of GBP3.4 million on a revenue of GBP49.3 million.
One of the StatPro's existing US asset service providers has gained a new client for its platform and, as part of the contract, the new client has also subscribed to StatPro Revolution for performance and risk services. This is its sixth client to use Revolution, the company highlighted.
"Our strategy is to supply our flagship Revolution service to fund administrators and asset management service providers so they can offer higher quality performance and risk services to their clients," said StatPro Chief Executive Justin Wheatley.
"As the asset management market increasingly turns to outsourcing in order to reduce costs, we are uniquely placed to work with the largest outsourcing providers and derive new business from these sources," added Wheatley.
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