StatPro Group plc (AIM: SOG), the AIM listed provider of cloud-based portfolio analysis for the asset management industry, today announces that it has signed a three year contract commencing on 31 December 2014 with a large European asset manager to upgrade its existing StatPro Seven platform to the StatPro Revolution platform, encompassing both StatPro Revolution and StatPro R+ cloud-based products. The total value of the new contract is almost €4 million (£3.1 million) over the three years including professional services.
The customer has initially subscribed for StatPro Revolution and will add StatPro R+ on its release. The recurring element of this new contract represents a 55% conversion premium to the original contract. Total recurring revenue per annum from this client globally is now over £1.0 million. This contract is a significant milestone for StatPro Revolution and StatPro R+ as the service will be used worldwide by potentially hundreds of users for day-to-day access to portfolio analysis and reporting. The client has replaced several other solutions by using the StatPro Revolution platform, making substantial savings and has already acknowledged significant increased productivity as a result.
Justin Wheatley, StatPro Group CEO commented, "This contract is significant for StatPro and we have many more clients in a similar situation where they want to enhance their productivity dramatically as well as the service they provide to their clients. This can only be achieved through the new technologies of cloud-based solutions, which provide simplification and scalability. StatPro's significant investment in these technologies gives us a very real competitive advantage in our fast growing market."