LONDON (Alliance News) - StatPro Group PLC on Wednesday said it signed a contract extension with an unnamed "major" fund administrator worth USD1.2 million.
StatPro provides cloud-based portfolio analytics and asset pricing services to the asset management industry.
The company said that the contract is for its StatPro Revolution division and covers the next three years, as the fund administrator has secured a new client requiring its capabilities.
StatPro Revolution provides portfolio analytics solutions. It is "uniquely adapted" to help fund administrators due to its cloud-based technology, the company said.
"This notable additional business via one of our major fund administrator clients is a clear demonstration of the steady transformation of the asset management market to outsourcing and the opportunity this represents for us," Chief Executive Officer Justin Wheatley said.
"Our objective is to build on our third party relationships to enhance our growth and we are strategically well placed to benefit from this industry trend."
StatPro shares were trading up 1.4% at 112.50 pence each.
