Statpro scores £1.5m contract with South African asset manager

(ShareCast News) - Statpro, an AIM listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, has signed a five-year contract with a global South African asset manager for a minimum value of around £1.5m.The client will use StatPro Seven before moving onto StatPro Revolution. In 2017 it will start a proof concept with StatPro Revolution aiming to deploy the full StatPro Revolutionsuite in 2018.StatPro Revolution is a platform wherein users can access portfolio performance measurement, attribution, contribution, allocation, risk, and compliance analytics from a single browser window.This multi-asset class analytics platform helps the company's clients increase assets under management, improve client service, meet tough regulations and reduce costs.Chief executive Justin Wheatley said: "The process of converting our clients from our older technology for performance and risk, StatPro Seven, to the cutting-edge cloud technology of StatPro Revolution is accelerating."This client's commitment to a long-term relationship, with their requirement to use our innovative cloud solution for performance and risk analytics, is a good example of how we are expanding our client contracts as they switch to StatPro Revolution Performance."The group's goal of migrating performance and risk clients to StatPro Revolution is expected to mostly be completed over the next two years said Wheatley.The share price rose 2.46% to 104p at 0911 GMT on Monday.