StatPro Group PLC £1.5m Revolution conversion (9135D)

TIDMSOG

RNS Number : 9135D

StatPro Group PLC

01 July 2019

1 July 2019

StatPro Group PLC

GBP1.5m Revolution conversion with 77% lift in annual subscription

StatPro Group plc, ("StatPro", "the Group", AIM: SOG), the AIM listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, has secured a conversion from its legacy StatPro Seven software to its cloud-based StatPro Revolution service with a large insurance company. This has resulted in a three-year contract with a minimum value of GBP1.5 million. This represents a 77% increase in annual subscription.

StatPro Revolution was selected following a competitive tender and StatPro's release of its new fixed income attribution and risk module. The scale and flexibility of Revolution's fixed income attribution model was key in the decision process, with the contract also including performance and equity attribution and composites.

Following this conversion, the Group has approximately GBP5 million of legacy StatPro Seven annual software subscriptions to convert.

StatPro is on course to complete the full conversion of most of the remaining clients using StatPro Seven legacy software over the next two years. As the process of conversion comes to a close, the Group will continue to realise significant operational savings in IT costs as well as simplify operational complexity.

Justin Wheatley, Group CEO, commented:

"This contract win is particularly notable.

"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."

Enquiries:

 
 StatPro Group plc 
 Justin Wheatley, Chief Executive        [phone] 
 Andrew Fabian, Finance Director 
 
 Panmure Gordon - Nomad and Broker 
 Corporate Finance - Freddy Crossley 
  / Fabien Holler                        [phone] 
 Corporate Broking -James Stearns 
 
 Instinctif Partners 
 Adrian Duffield/Kay Larsen/Chantal 
  Woolcock                               [phone] 
 

About StatPro

StatPro Group (www.statpro.com) provides cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers.

The Group has 10 offices in Europe, North America, South Africa and Australia, servicing around 450 clients in 40 countries. It is organised into three divisions: Revolution, Source: StatPro and Infovest.

Revolution is a global provider of award-winning portfolio analytics solutions. The cloud-based platform offers vital analysis of portfolio performance, attribution, risk and compliance. Revolution helps clients reduce costs, improve client communication and control investment decisions.

Source: StatPro is a global market data business and provides Data-as-a-Service to Revolution to enable analytics. The division's integrated and global data coverage includes millions of securities covering the full range of financial instruments and benchmarks.

Infovest, supplies data management solutions for the global asset management market, including data warehouse technology, ETL, compliance and reporting tools as well as portfolio management solutions.

StatPro Group plc shares are listed on AIM.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCLLFLRRVITFIA

(END) Dow Jones Newswires

July 01, 2019 02:00 ET (06:00 GMT)