Demand grows for StatPro's cloud-based services

Asset management services group StatPro said that third-quarter trading was in line with expectations with a higher rate of new business signed for its fast-growing cloud-based portfolio analysis service, StatPro Revolution.StatPro Revolution's annualised recurring revenue surged by around 85% in the nine months to September 30th to £2.8m, as client numbers jumped from 156 to 251.StatPro Revolution-related recurring revenues now account for 27% of total software revenue, up from just 16% at the start of the year, which "provides evidence that our clients support our cloud transition strategy", the company said.Chief Executive Justin Wheatley said that the next challenge for StatPro Revolution is "scale up our sales force to tap into the undoubted potential of the global asset management market".The AIM-listed stock was down 1.62% at 91p in early trading on Friday.BC